Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare the general journal entry to record acquis

Prepare the general journal entry to record acquisition of the equipment on June 1st. Then...

90.2K

Verified Solution

Question

Accounting

Prepare the general journal entry to record acquisition of the equipment on June 1st. Then prepare any adjusting journal entries that should be made on june 30th. image
Mother Hips Garment Company purchased equipment on June 1 for $90,000, pyying $20,000 cash and signing a 9%,2 month note for the remsining balance. The equipenent is expected to depreciate 518,000 each year, Mother Hips Garment Company prepares monthly financial statements. Prepare the general joumal entry to record the acquisition of the equipment on June 1st. (Credit account tities are autamotically Indented when the amount is entered. Do not indent manualiy. If no entry is required, select "No Entry' for the account tieles and enter ofor the omounts) Presare amy adjesting journal entries that whould be made on June 30 th. KCrndit occount sites are outomotically indented when the

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In purchasing a house that is worth $175,000, you need to obtain a mortgage. Suppose you...

Finance
Q

Modern Artifacts can produce keepsakes that will be sold for $60 each. Nondepreciation fixed costs are...

Finance
Q

Scenario Office Equipment, Inc. (OEI) leases automatic mailing machines to business customers in Fort Wayne, Indiana. The...

Statistics
Q

How can you consciously tell the difference between a touch on the right arm versus a...

Medical Sciences
Q

What is the relationship, if any, between changes in the rate of criminal offending and changes...

Psychology
Q

Decide whether the statement is true or false 1 2 3 u 1 2 3...

Calculus
Q

equation that is quadratic in form is solved by a substitution u x 7 and...

Algebra
Q

Case study 2: ordinary income Explanations of the respective outcomes reached by the courts in...

Accounting
Q

If cash is $7,115, accounts receivable is $11,420,notes payable is $6,819, retained earnings is $8,144...

Accounting
Q

Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company...

Accounting
Q

On Sept 1, 2018 Nancy rented a basement apartment to student Joy @ 1,000 per...

Finance
Q

Karen Noonan opened Tamarisk Cleaning Services Inc. on February 1, 2022. During February, the following...

Accounting