Roland Brothers, Inc. purchased equipment from a British firm for 120,000 on April 1, 2008. To finance
Question:
April 1, 2008......... $1.574
June 30, 2008......... 1.560
September 30, 2008.... 1.526
December 31, 2008..... 1.498
March 31, 2009...... 1.538
Required:
Prepare journal entries to record the purchase of the equipment, the interest payments, the adjustment of the accounts on December 31 (the fiscal year-end), and the payment of the note at maturity.
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