Chart of Accounts Joumal Instructions Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $35,136. The carpet is estimated to have a 16-year useful life and no residual value A. Prepare the journal entry necessary for recording the purchase of the new carpet Refer to the chart of Accounts for exact wording of account titles B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that willow Creek Company uses the straight line method Refer to the Chart of Accounts for exact wording of account titles structions Chart of Accounts Willow Creek Co CHART OF ACCOUNTS useful life and nd Willow Creek Company A Prepare General Ledger titles B Record ASSETS REVENUE the stre 110 Cash 410 Sales 610 Interest Revenue 620 Gain on Sale of Carpet 621 Gain on Sale of Equipment 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense Check My Work