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Depreciation account for each depreciable asset. During 2 0 2 4 , Janie Mills Associates completed the following transactions: ( Click the icon to view

Depreciation account for each depreciable asset. During 2024, Janie Mills Associates completed the following transactions:
(Click the icon to view the transactions.)
Record the transactions in the journal of JanieMillsAssociates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table)
Jan. 1: Purchased office equipment, $118,000. Paid $70,000 cash and financed the remainder with a note payable. (Record a single compound journal entry)
\table[[Date,Accounts and Explanation,,Debit,Credit],[Jan.1,Office Equipment,,118,000,],[Cash,,,70,000],[Notes Payable,,,48000],[To record purchase of office equipment with cash and note payable.,grad,,]]
equipment at $107,625.(Record a single compound journal entry) building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $40,000.
Before we record the sale of the building, we must record depreciation on the building through September 1,2024.
Accounts and Explanation
Debit
Credit
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