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Homework answers / question archive / you fill it out and tell me why it is that needs to be filled out? This is all the information I was given
you fill it out and tell me why it is that needs to be filled out? This is all the information I was given.On July 31, 2016, a company purchased equipment for $154,800, paying $42,000 cash and signing a 4% note payable for the remainder. The interest and principal of the note are due on January 31, 2017.
Prepare the journal entry to record the purchase of the equipment on July 31, 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation Debit Credit
July 31/16 ____________________________ _____ ______
____________________________ _____ ______
____________________________ _____ ______
Prepare the journal entry to record the accrual of the interest at year end, November 30, 2016, assuming interest has not previously been accrued. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)
Date Account Titles and Explanation Debit Credit
Nov. 30/16 ___________________________________ ______ _______
Prepare the journal entry to record the repayment of the interest and note on January 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)
Date Account Titles and Explanation Debit Credit
Jan. 31/17 ____________________________________ _______ _______
____________________________________ _______ _______
____________________________________ _______ _______
____________________________________ _______ _______
