Wilow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $35.904. The carpet is estimated to have a 17-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-ine method. Refer to the Chart of Accounts for exact wording of account nmes hart of Accounts ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Carpet 114 Interest Receivable 621 Gain on Sale of Equipment 115 Notes Receivable EXPENSES 116 Merchandise Inventory 510 Cost of Merchandise Sold 117 Supplies 520 Salaries Expense 119 Prepaid Insurance 521 Advertising Expense 120 Land 522 Depreciation Expense-Carpet 123 Carpet 523 Delivery Expense 124 Accumulated Depreciation-Carpet 524 Repairs and Maintenance Expense 125 Equipment 529 Selling Expenses 126 Accumulated Depreciation-Equipment 531 Rent Expense 130 Mineral Rights 532 Depreciation Expense-Equipment 131 Accumulated Depletion 132 Goodwill 533 Depletion Expense 133 Patents 534 Amortization Expense-Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 210 Accounts Payable 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 213 Sales Tax Payable 720 Loss on Sale of Carpet 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary A. Prepare the journal entry necessary for recording the purchase of the new capet. Refer to the Chart of Accounts for exact wording of account toles PAGE 1 JORNAL ACCOUNTING EQUATION DATE LIABLITIES DESCRIPTION DEBIT CREDIT ASSETS EQUITY POST, REF B. Record the December 31 adjusting entry for the partial-vear depreciation expense for the carpet, assuming that WWow Creek Company uses the straight-ine method Refer to the Chart of Accounts for exxact wording of account titles. PAGE 2 JOURNAL ACCOUNTING EQUATION DESCRIPTION DATE LIABILITIES POST REF DEBIT CREDIT ASSETS EQUITY Adjusting Entries