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On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $1,500 and a $3,000 note, payable in one year. Interest

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On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $1,500 and a $3,000 note, payable in one year. Interest of 5% per year was due when the note w repaid. The estimated life of the fixtures and equipment is 11 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.] Account: Cash Dollar amount: 1500 Account: Fixtures and Equipment Dollar amount: 4500 Account: Notes Payable Dollar amount: 3000 Account: Fixtures and Equipment Dollar amount: -34.09 Account: Retained Earnings Dollar amount: -34.09 Account: Interest Payable Dollar amount: 12.50 Account: Retained Earnings Dollar amount: -12.50 Account: Leave Blank Dollar amount: Foil1-Leave%20Blank

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