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On March 1, fixtures and equipment were purchased for $4,000 with a downpayment of $2,000 plus a $2,000 note payable in one year. Interest of 7% per year is due when the note is repaid. The estimated life of the fixtures and equipment is 10 years with no expected salvage value. Depreciation on the fixtures and equipment is computed on a straight-line basis. [Note: Record the March 1 equipment purchase first, then the March 31 depreciation adjusting entry, and finally the March 31 interest adjusting entry. Also, round all answers to the nearest cent.]

Options for Account portion:

Cash
Accounts Recievable
Inventory
Prepaid Rent
Fixtures and Equipment
Accounts Payable
Interest Payable
Wages Payable
Notes Payable
Paid-In Capital
Retained Earnings
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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956763

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