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Alexander cosmetics co purchased machinery on December 31, 2024 paying $48,000 down and agreeing to pay the balance in four equal installments of $47,200 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase, and for (1) the payments and (2) interest on the following dates. (a) (b) (c) (4) (e) No. (a) December 31.2024 December 31, 2025 December 31, 2026 December 31, 2027 December 31, 2028 (b)(1) (b) (2) (c)(1) Account Titles and Explanation S Debit Credit

Alexander cosmetics co purchased machinery on December 31, 2024 paying $48,000 down and agreeing to pay the balance in four equal installments of $47,200 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase, and for (1) the payments and (2) interest on the following dates. (a) (b) (c) (4) (e) No. (a) December 31.2024 December 31, 2025 December 31, 2026 December 31, 2027 December 31, 2028 (b)(1) (b) (2) (c)(1) Account Titles and Explanation S Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alexander cosmetics co purchased machinery on December 31, 2024 paying $48,000 down and agreeing to pay the balance in four equal installments of $47,200 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase, and for (1) the payments and (2) interest on the following dates. (a) December 31,2024. (b) December 31, 2025 (c) December 31, 2026 (d) December 31, 2027 (e) December 31, 2028 No. Account Titles and Explanation (a) (b) (1) (b)(2) (c)(1) c Debit Credit
Transcribed Image Text:Alexander cosmetics co purchased machinery on December 31, 2024 paying $48,000 down and agreeing to pay the balance in four equal installments of $47,200 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase, and for (1) the payments and (2) interest on the following dates. (a) December 31,2024. (b) December 31, 2025 (c) December 31, 2026 (d) December 31, 2027 (e) December 31, 2028 No. Account Titles and Explanation (a) (b) (1) (b)(2) (c)(1) c Debit Credit
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