Associates completed the following transactions:

$($Click the icon to view the transactions.$)$

Record the transactions in the journal of Sophie Miller Associates. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Jan. $1$: Purchased office equipment, $$111,000.$ Paid $$84,000$ cash and financed the remainder with a note payable. $($Record a single compound journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Jan $1,,,],[,,,],[,,,],[,,,],[,,,]]$

More info

Jan. $1$ Purchased office equipment, $$111,000.$ Paid $$84,000$ cash and financed the remainder with a note payable,

Apr. $1$ Acquired land and communication equipment in a lump$-$sum purchase. Total cost was $$380,000$ paid in cash. An independent appraisal valued the land at $$299,250$ and the communication equipment at $$99,750.$

Sep. $1$ Sold a building that cost $$580,000($accumulated depreciation of $$280,000$ through December $31$ of the preceding year$).$ Sophie Miller Associates received $$390,000$ cash from the sale of the building. Depreciation is computed on a straight$-$line basis. The building has a $40-$year useful life and a residual value of $$40,000.$

Dec. $31$ Recorded depreciation as follows:

Communication equipment is depreciated by the straight$-$line method over a five$-$year life with zero residual value. Office equipment is depreciated using the double$-$decliningbalance method over five years with a $$3,000$ residual value

Done

Get more help $-$