Record the journal entry for the following transactions for…
Record the journal entry for the following transactions for VVF Corporation. All account(s) and amount(s) to be debited must be entered first before entering account(s) and amount(s) to be credited. Select the account from the drop-down menu. If there is more than one debit and/or more than one credit, record the accounts in alphabetic order. Select the amount from the drop-down menu. If there is no amount to be recorded in either the debit or credit column, select 0 (for zero). In other words, every blank must be filled. On 3/1, VVF Corp. purchased $9000 of equipment, paying cash of $2000 and signing a note for the balance. On July 31, the fiscal year-end, the VVF accountants recorded the adjusting entry for the use of the equipment in operations. The equipment has an estimated life of 3 years. On July 31, the fiscal year-end, the VVF accountants recorded the adjusting entry to accrue the costs of borrowing on the note. The note carries a 12% annual rate of interest and both the interest and principal is not due until the due date (maturity) of the note. Record the adjusting entries in the order listed above. Date Account Title Debit Credit 3/1/20X1 [account1] 9000 [account2] 2000 [account3] 7000 7/31/20X1 [account4] [amount1] [account5] [amount2] 7/31/20X1 [account6] [amount3] [account7] [amount4]
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