Question
Transaction 8 On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $2,000 and a $3,500 note, payable in one year.
Transaction 8 On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $2,000 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 11 years with no expected salvage value. [Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round all answers to the nearest cent.]
Account: Cash Dollar amount: 2000
Account: Fixtures and Equipment Dollar amount: 5500
Account: Notes Payable Dollar amount: 3500
Account: Fixtures and Equipment Dollar amount: 416.7
Account: Retained Earnings Dollar amount: 416.7
Account: Interest Payable Dollar amount: 227.5
Account: Retained Earnings Dollar amount: 227.5
Account: Leave Blank Dollar amount: Foil1=Leave%20Blank
Need help with this question. I have my old answers plugged in, but they are either wrong or in the wrong order.
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