M 11 R w 12 13 Comments THE QUESTION Macro manufacturing Ltd. purchased furniture on July 1 for $45,000, paying $5,000 cash and signing a 6%, 5-month bank loan for the remaining balance with interest due at maturity. The estimated useful life of the furniture is expected to be 4 years. Macro prepares monthly financial statements. 14 15 16 17 Required (a) (b) 18 Prepare the journal entry to record the purchase of the furniture on July 1. Prepare any adjusting journal entries that should be made on July 31. 19 20 21 22 23 24 25 26 27 28 Cover Page Question 1 Question 2 3 Ready BAR