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Prepare the general journal entry to record the acquisition

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Problem - Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000 cash and signing a 9%, 2-month note for the remaining balance. The equipment is expected to depreciate $18,000 each year. Mother Hips Garment Company prepares monthly financial statements. Prepare the general journal entry to record the acquisition of the equipment on June 1st.

Reference no: EM132888190

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