Complete the journal entries for each transaction listed.

Note about Transaction 4 - Purchases a building borrowing from the bank by signing a note payable for $580,000 at 6% annual interest and pays an additional $20,000 down payment to the seller. Record the transaction in 3 accounts. Note the TOTAL amount paid for the building and record the asset for the total amount. The building is expected to have a salvage value of $408,000 at the end of its 40 years of its useful life.

Note about Transaction 10 - Purchases equipment worth $6,000 on a six month 8% note payable. Record the new asset. The equipment will be depreciated at a rate of $200 per month over its useful life of 30 months.