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WebFeb 9, 2024 · [Q1] The entity purchased new equipment and paid $150,000 in cash. Prepare a journal entry to record this transaction. [Journal Entry] [Notes] Debit: Increase in equipment Credit: Decrease in cash [Q2] The entity purchased $150,000 new equipment on account. Prepare a journal entry to record this transaction. [Journal Entry] [Notes] WebJan 1, 2024 · Ron's Quik Shop bought machinery for $75,000 on January 1, 2024. Ron estimated the useful life to be 5 years with no salvage value, and the straight-line method … tech gurus
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