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The following transactions related to a machine purchased by Ashkar Company this year: March 1 Purchased the machine at an invoice price of $ 2
The following transactions related to a machine purchased by Ashkar Company this year:
March Purchased the machine at an invoice price of $; pad $ cash and $gned a note for the batance, payable on October of this, year, with annual interest at a rate of percent.
March Paid freight of $
March Paid installation costs of $
October paid the balance due plus the related interest.
December Recorded straightline depreciation on the machine based on an estimated useful life of years and an estimated residual value of $
Required:
Indicate the accounts affected and the amount of the effect of each transaction March and October on the accounting equation. Enter any decreases to account balances with a minus sign. Round the final answers to the nearest whole dollar.
tableDateAssets,,Liabiliti,,Shareholders' EquityMarch Machinery,Short term note payable,Cash,March Machinery,tableCash,March Machinery,Cash,October Cash,Short term note payable,Cash,
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