Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless.

Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease.

On March 1, fixtures and equipment were purchased for $6,000 with a downpayment of $1,000 and a $5,000 note, payable in one year. Interest of 4% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 8 years with no expected salvage value. [Note:Record the complete entry for the March 1 equipment purchasefirst, the March 31 depreciation adjusting entrysecond, and the March 31 interest adjusting entrythird.Also, round all answers to the nearest cent.]

I am having account options : cash , accounts receivable, inventory, prepaid rent, fixtures and equipment, accounts payable, interest payable, wages payable, notes payable, paid-in capital, retained earning. Need to find which accounts from the option is affected.