Prepare journal entries for the following
$\begin{array}{|l|l|}
\hline\text { November 1,2009 } & \begin{array}{l}
\text { Purchased machinery for } \$ 93,600 \text { with a } \$ 7,200 \text { residual value and a } \
\text { six year life by paying } \$ 14,400 \text { down and the balance with a Note } \
\text { Payable. (Ignore interest) }
\end{array} \
\hline \begin{array}{l}
\text { December 31, } \
2009
\end{array} & \begin{array}{l}
\text { Record the adjusting entry for depreciation using the straight line } \
\text { method to the nearest month. }
\end{array} \
\hline \text { July } 1,2010 & \text { Sold the equipment for } \$ 81,600 \text { cash and paid off the Note payable. }\
\hline
\end{array}$

Question

Prepare journal entries for the following
 $\begin{array}{|l|l|}
\hline\text { November 1,2009 } & \begin{array}{l}
\text { Purchased machinery for } \$ 93,600 \text { with a } \$ 7,200 \text { residual value and a } \
\text { six year life by paying } \$ 14,400 \text { down and the balance with a Note } \
\text { Payable. (Ignore interest) }
\end{array} \
\hline \begin{array}{l}
\text { December 31, } \
2009
\end{array} & \begin{array}{l}
\text { Record the adjusting entry for depreciation using the straight line } \
\text { method to the nearest month. }
\end{array} \
\hline \text { July } 1,2010 & \text { Sold the equipment for } \$ 81,600 \text { cash and paid off the Note payable. }\
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of Prepare journal entries for the following
 $\begin{array}{|l|l|}
\hline\text { November 1,2009 } & \begin{array}{l}
\text { Purchased machinery for } \$ 93,600 \text { with a } \$ 7,200 \text { residual value and a } \
\text { six year life by paying } \$ 14,400 \text { down and the balance with a Note } \
\text { Payable. (Ignore interest) }
\end{array} \
\hline \begin{array}{l}
\text { December 31, } \
2009
\end{array} & \begin{array}{l}
\text { Record the adjusting entry for depreciation using the straight line } \
\text { method to the nearest month. }
\end{array} \
\hline \text { July } 1,2010 & \text { Sold the equipment for } \$ 81,600 \text { cash and paid off the Note payable. }\
\hline
\end{array}$

Prepare Journal Entries for the Following