Question 1 ABCD Company adjusts its accounts monthly. The company had the following transactions. a. On...

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Question 1 ABCD Company adjusts its accounts monthly. The company had the following transactions. a. On September 1, ABCD Company paid $4,800 for three months' rent. b. On September 1, ABCD Company paid $12,000 to purchase an equipment which was expected to have a useful life of 10 years. c. On September 1, ABCD Company borrowed $8,500 from a bank and signed a 6 percent, 6-month note. Instructions: 1. For each of the items given above, provide the journal entry to record the initial transaction. 2. For each of the items given above, provide the adjusting entry, if any, required on September 30. Question 1 ABCD Company adjusts its accounts monthly. The company had the following transactions. a. On September 1, ABCD Company paid $4,800 for three months' rent. b. On September 1, ABCD Company paid $12,000 to purchase an equipment which was expected to have a useful life of 10 years. c. On September 1, ABCD Company borrowed $8,500 from a bank and signed a 6 percent, 6-month note. Instructions: 1. For each of the items given above, provide the journal entry to record the initial transaction. 2. For each of the items given above, provide the adjusting entry, if any, required on September 30.