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please fix all red boxes Buffalo Cosmetics Co. purchased machinery on December 31, 2019, paying $ 47,200 down and agreeing to pay the balance in
please fix all red boxes
Buffalo Cosmetics Co. purchased machinery on December 31, 2019, paying $ 47,200 down and agreeing to pay the balance in four equal installments of $ 48,000 payable each December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) December 31, 2019. (b) December 31, 2020. (c) December 31, 2021. (d) December 31, 2022. (e) December 31, 2023. No. Account Titles and Explanation Debit Credit (a) Machinery 206181 Discount on Notes Payable 33019 Cash 47200 Notes Payable 192000 (b) (1) Interest Expense 12718 not 48000 (b) (2) Cash 48000 not 48000 (b) (2) Cash 48000 Discount on Notes Payable 12718 (c) (1) Interest Expense 9896 Notes Payable 48000 TO (c) (2) Cash 48000 Discount on Notes Payable 9896 (d) (1) Interest Expense 6848 Notes Payable 48000 (d) (2) cash 48000 Discount on Notes Payable 6848 (e) (1) inte 3555 Notes Payable 48000 (e) (2) Cash 48000 Discount on Notes Payable 3555Step by Step Solution
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