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$)$

$\backslash$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