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Said my answers were wrong please help On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $1,000 and a $3,500
Said my answers were wrong please help
On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $1,000 and a $3,500 note, payable in one year. Interest of 6.5% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 12 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: -1000 Account: Fixtures and Equipment Dollar amount: 4500 Account: Notes Payable Dollar amount: 3500 Account: Fixtures and Equipment Dollar amount: -31.25 Account: Interest Payable Dollar amount: -18.96 Account: Retained Earnings Dollar amount: - 31.25 Account: Retained Earnings Dollar amount: -18.96 Account: Leave Blank Dollar amount: Foil1=Leave%20Blank Sales were $74,000. Cost of merchandise sold was 50% of sales. 70% of sales were on open account. [Note: Record the complete sales entry first, and the complete expense entry second.] Account: Cash Dollar amount: 22,200 Account: Accounts Receivable Dollar amount: 51,800 Account: Retained Earnings Dollar amount: -74,000 Account: Retained Earnings Dollar amount: 37,000 Account: Inventory Dollar amount: -37,000 Account: Leave Blank Dollar amount: Foil1=Leave%20Blank Account: v Cash Accounts Receivable Account: Inventory Prepaid Rent Fixtures and Equipment Account: : Accounts Payable Interest Payable Account: Wages Payable Notes Payable Account: Paid-in Capital Retained Earnings Leave Blank Account: Account: Retained Earnings Account: Leave BlankStep by Step Solution
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