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On March 1, fixtures and equipment were purchased for $4,000 with a downpayment of $1,500 and a $2,500 note, payable in one year. Interest of
On March 1, fixtures and equipment were purchased for $4,000 with a downpayment of $1,500 and a $2,500 note, payable in one year. Interest of 4% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 9 years with no expected salvage value. [Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round all answers to the nearest cent.] Dollar amount: Account: Account: Account: Account: Account: Account: Account: Account: Dollar amount: Dollar amount Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount
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