X Company prepares monthly financial statements. The following transactions occurred during January I lease was signed for a total of $42,000, and rent for th 2. On January 1, equipment was purchased for $50,000 with a downpayment of $10,000 and a note for the remainder. The note along with annual interest of 7% was due in a year. The estimated life of the equipment is 10 years with a salvage value of $6,000 3. Daily wages are $1,700 and are paid every Friday. The last day in January was a Monday 8. The required adjusting entries on January 31 decreased net income by a total of Submit Answer Tries 0/3 9. The required adjusting entries on January 31 decreased total assets by a total of Submit Answer Tries 0/3