Adjusting entry for depreciation using straight line metod

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Reference no: EM131289448

Prepare journal entries for the following:

a) Nov. 1, 2009 Purchased machinery for 93,600 with a 7,200 residual value and a six year life by paying 14,400 down and the balance with a note payable (ignore interest).

b) Dec. 31, 2009 Record the adjusting entry for depreciation using the straight line method to the nearest month.

c) July 1, 2010 Sold the equipment for 81,600 cash and paid off the note payable.

Reference no: EM131289448

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