On march 1 fixtures and equipment were purchased for 5500, Ask an Expert

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On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $2,000 plus a $3,500 note payable in one year. Interest of 6% per year is due when the note is repaid. The estimated life of the fixtures and equipment is 9 years with no expected salvage value. Depreciation on the fixtures and equipment is computed on a straight-line basis.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956784

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