The company previously purchased equipment in a previous accounting period for a cost of $$758,164.$ When purchased, the equipment had an expected life of $22$ years.

Describe the effects of this transaction on the accounting equation in terms of debits and credits

Assets

Prepare the appropriate journal entry for this transaction

The company paid $$2,688$ for insurance on November $30$ for the following twenty four months.

Describe the effects of this transaction on the accounting equation in terms of debits and credits

Assets

Prepare the appropriate journal entry for this transaction

Describe the effects of this transaction on the accounting equation in terms of debits and credits

Assets

$Liabilitie{s}_{?}$

Prepare the appropriate journal entry for this transaction

The company has $$16,827$ of supplies remaining on hand as of December $31.$

Describe the effects of this transaction on the accounting equation in terms of debits and credits

Assets

Liabilities

Prepare the appropriate journal entry for this transaction