Prepare the general journal entry to record acquisition of the equipment on June 1st. Then prepare any adjusting journal entries that should be made on june 30th.

Mother Hips Garment Company purchased equipment on June 1 for $90,000, pyying $20,000 cash and signing a 9%,2 month note for the remsining balance. The equipenent is expected to depreciate 518,000 each year, Mother Hips Garment Company prepares monthly financial statements. Prepare the general joumal entry to record the acquisition of the equipment on June 1st. (Credit account tities are autamotically Indented when the amount is entered. Do not indent manualiy. If no entry is required, select "No Entry' for the account tieles and enter ofor the omounts) Presare amy adjesting journal entries that whould be made on June 30 th. KCrndit occount sites are outomotically indented when the