Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000 cash and signing a 9%, 2-month note forthe remaining balance. The equipment is expected to depreciate $18,000 each year. Mother Hips Garment Company preparesmonthly financial statements.Prepare the general journal entry to record the acquisition of the equipment on June 1st. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o forthe amounts.)Date Account Titles and ExplanationJune 1eTextbook and MediaList of AccountsDate Account Titles and ExplanationJune30Prepare any adjusting journal entries that should be made on June 30th. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)June30(To record monthly depreciation)Debit(To accrue interest on notes payable)CreditDebitCredit|||| Show how the equipment will be reflected on Mother Hips Garment Company's balance sheet on June 30th.AssetsMother Hips Garment Company'sPartial Balance Sheet

June 1:General Journal Entry:DateAccount Titles and ExplanationDebit ($)Credit ($)June…

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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)

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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4E: The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown...

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