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Prepare the general journal entry to record the acquisition

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Reference no: EM132530623

Question - Trench and Fog Garment Company purchased equipment on June 1 for $81,000, paying $18,000 cash and signing a 12%, 2-month note for the remaining balance. The equipment is expected to depreciate $18,000 each year. Trench and Fog Garment Company prepares monthly financial statements.

Required -

(a) Prepare the general journal entry to record the acquisition of the equipment on June 1st.

(b) Do any adjusting journal entries that should be made on June 30th.

Reference no: EM132530623

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