On March 1, fixtures and equipment were purchased for $4,500 with a downpayment

Question

On March 1, fixtures and equipment were purchased for $4,500 with a downpayment of $1,000 and a $3,500 note, payable in one year. The interest of 6.5% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 10 years with no expected salvage value. [Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round all answers to the nearest cent.] (choose an option for the account and answer the dollar amount based on the account )

1) Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank            

2)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank          

3)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank    

4)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank                                                        

5)Account:                                                                      Dollar Amount:  

A)Cash   b) Account receivable   C) Inventory   D) Repaid rent   E) Fixture and Equipment   F) Account Payable   G) Interest Payable   H) Wages payable I) Notes payable   K) Paid-in capital     L) Retained Earning   M) Leave Blank                                                        

Explanation / Answer

Account Amount Cash -1000 Fixture and Equipment 4500 Notes payable 3500 Interest Payable 18.96 Retained Earning -18.96 Fixture and Equipment -37.50 Retained Earning -37.50

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