Among the journal entries prepared by the inexperienced accountant of Rainbow County General Fund for the fiscal year ended June 30, 2006, were the following:
Sept 1 Equipment 120,000
Vouchers Payable 120,000
To recored acquisition of equipment having a 10-year economic life and no residual value.
Prepare the journal entries for Rainbow County General Fund as they should have been recorded.
Journal entries as requested.