Solution-Indicate the accounts affected and the amount of

Indicate the accounts affected and the amount of the effect

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Reference no: EM132940604

The following transactions related to a machine purchased by Ashkar Company this year:

March 1 Purchased the machine at an invoice price of $10,200; paid $8,200 cash and signed a note for the balance, payable on October 1 of this year, with annual interest at a rate of 12 percent.

March 3 Paid freight of $350.March 5 Paid installation costs of $575.

October 1 Paid the balance due plus the related interest.

December 31 Recorded straight-line depreciation on the machine based on an estimated useful life of 10 years and an estimated residual value of $2,725.

Required:

Problem 1. Indicate the accounts affected and the amount of the effect of each transaction (March 1, 3, 5, and October 1) on the accounting equation

Reference no: EM132940604

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Indicate the accounts affected and the amount of the effect

Reference no: EM132940604

Reference no: EM132940604

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