Essay
Journalize the following transactions for Southport Company:
April 1, 2012 Bought an $11,000 machine on a 12-month, 9% note. The machine has
a useful life of five years and is depreciated on a straight-line basis.
Dec 31, 2012 Recorded accrued interest on the note and depreciation on the machine.
April 1, 2013 Paid note from April 1, 2011.
Correct Answer:
Verified
Correct Answer:
Verified
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