Transaction 8 On March 1, fixtures and equipment were purchased for $6,000 with

Question

Transaction 8
On March 1, fixtures and equipment were purchased for $6,000 with a downpayment of $1,500 and a $4,500 note, payable in one year. Interest of 5% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 12 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.]

THIS IS WHAT I HAVE, what am I doing wrong???

Account: CASH

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank          

Dollar amount:    -1500

Account: FIXTURES AND EQUIPMENT

   Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           

Dollar amount:    6000

Account: NOTES PAYABLE

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank

Dollar amount: 4500

Account: FIXTURES AND EQUIPMENT

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           

Dollar amount:    -41.67

Account: RETAINED EARNINGS

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           

Dollar amount:    -41.67

Account: INTEREST PAYABLE

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           

Dollar amount:    16.88

Account: RETAINED EARNINGS

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank          

Dollar amount:    -16.88

Account: LEAVE BLANK

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           Dollar amount:   

I'm not sure what I'm doing wrong...

Explanation / Answer

Cash -1500 Fixtures and equipment 6000 Notes Payable 4500 Fixtures and equipment -41.67 =6000/12/12 Retained Earnings -41.67 Interest Payable 18.75 =4500*5%/12 Retained Earnings -18.75

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