Prepare Journal Entries for the Following

question 116

Essay

Prepare journal entries for the following
$\begin{array}{|l|l|}\hline\text { November 1,2009 } & \begin{array}{l}\text { Purchased machinery for } \$ 93,600 \text { with a } \$ 7,200 \text { residual value and a } \\\text { six year life by paying } \$ 14,400 \text { down and the balance with a Note } \\\text { Payable. (Ignore interest) }\end{array} \\\hline \begin{array}{l}\text { December 31, } \\2009\end{array} & \begin{array}{l}\text { Record the adjusting entry for depreciation using the straight line } \\\text { method to the nearest month. }\end{array} \\\hline \text { July } 1,2010 & \text { Sold the equipment for } \$ 81,600 \text { cash and paid off the Note payable. }\\\hline\end{array}$

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Definitions:

Symbolic Notation

A system of symbols used to represent numbers, operations, relations, or concepts, especially in mathematics and logic.

Atomic Components

Fundamental elements that are not divisible into smaller parts within the context of a given framework.

Tautology

A statement that is always true by its logical structure, regardless of the truth of its components.

Equivalent

Having equal value or significance, or being virtually identical in effect or function.