Transaction 8 On March 1, fixtures and equipment were purchased for $4,000 with a downpayment of $1500 plus a $2500 note payable in one year. Interest of 4.5% per year is due when the note is repaid. The estimated life of the fixtures and equipment is 8 years with no expected salvage value. Depreciation on the fixtures and equipment is computed on a straight-line basis. [Note: Record the March 1 equipment purchase first, then the March 31 depreciation adjusting entry, and finally the March 31 interest adjusting entry. Also, round all answers to the nearest cent.]

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Cash

Accounts Recievable

Inventory

Prepaid Rent

Fixtures and Equipment

Accounts Payable

Interest Payable

Wages Payable

Notes Payable

Paid-In Capital

Retained Earnings

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