On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $2,000...
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Accounting
On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $2,000 and a $2,500 note, payable in one year. Interest of 5.5% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 9 years with no expected salvage value. [Note: Record the complete March 1 entry for the equipment purchase first, the complete March 31 depreciation adjusting entry second, and the complete March 31 interest adjusting entry third.]
It has to be in the order of:
Cash:
Fixtures Equipment:
Fixtures Equipment:
Interest Payable:
Notes Payable:
Retained Earnings:
Retained Earnings:
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