Prepare journal entries for the following (a) Nov 1, 15: purchased machinery for $93,600 with a $7,200
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Prepare journal entries for the following
(a) Nov 1, 15: purchased machinery for $93,600 with a $7,200 residual value and a 6-year life by paying $14,400 down and the balance with a Note Payable.
(b) Dec 31, 15: record the adjusting entry for depreciation using the straight-line method to the nearest month.
(c) Jul 1, 16: Sold the equipment for $81,600 cash and paid off the Note payable.
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