Transaction 8

On March 1, fixtures and equipment were purchased for $5,000 with a downpayment of $1,500 plus a $3,500 note payable in one year. Interest of 6% per year is due when the note is repaid. The estimated life of the fixtures and equipment is 9 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.]

*Please list the amounts with the correct account names from the list above

Account: Account: Cash Account: Inventory Account: Fixtures and Equipment Accounts Receivable Prepaid Rent Accounts Payable Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Account: Interest Payable Wages Payable Submit Ansy Notes Payable S not submitted. e) Tries 0 8 previous Paid-in Capital Retained Earmings Post Dis Leave Blank