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On March 1, fixtures and equipment were purchased for $4,000 with a down payment of $1,000 and a $3,000 note, payable in one year. Interest
On March 1, fixtures and equipment were purchased for $4,000 with a down payment of $1,000 and a $3,000 note, payable in one year. Interest of 4.5% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 10 years with no expected salvage value. [Note: Record the complete March 1 entry for the equipment purchase first, the complete March 31 depreciation adjusting entry second, and the complete March 31 interest adjusting entry third.]
help please. not understanding what is wrong
Account: Cash Account: Fixtures and Equipment Account: Notes Payable Account: Fixtures and Equipment Account: Retained Earnings Account: Interest Payable Account: Retained Earnings Account: Leave Blank Dollar amount: 1000 Dollar amount: 4000 Dollar amount: Dollar amount: Dollar amount: Dollar amount: 11.25 Dollar amount: -11.25 Dollar amount: 3000 33.3 -33.3 Foil1=Leave%20BlankStep by Step Solution
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