ARB Company purchased several pieces of equipment on January 2,2016.Office Furniture cost the company $16,000,has an estimated useful life of ten years,at which time they expect to sell it for a total of $500.Office Equipment was also purchased for a total of $10,750 and has an estimated useful life of five years.They don't expect it to have any residual value at the end of that time.
Using the information shown,write the journal entry for the purchase of the Office Furniture assuming it was purchased on credit by signing a note and the journal entry for the Office Equipment purchase assuming that a check was written for it.

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The Answer of ARB Company purchased several pieces of equipment on January 2,2016.Office Furniture cost the company $16,000,has an estimated useful life of ten years,at which time they expect to sell it for a total of $500.Office Equipment was also purchased for a total of $10,750 and has an estimated useful life of five years.They don't expect it to have any residual value at the end of that time.
Using the information shown,write the journal entry for the purchase of the Office Furniture assuming it was purchased on credit by signing a note and the journal entry for the Office Equipment purchase assuming that a check was written for it.

ARB Company Purchased Several Pieces of Equipment on January 2,2016