Weygandt, Accounting Principles, 13e :38 PM / Remaining: 73 min. CALCULATOR 1 BACK NEXT Exercise 228 a-c Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000 cash and signing a 9%, 2-month note for the remaining balance. The equipment is expected to depreciate $18,000 each year. Mother Hips Garment Company prepares monthly financial statements. Prepare the general journal entry to record the acquisition of the equipment on June 1st. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) itles an I Explanation Debit Credit