On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 3 Purchased office furniture for $16,900 from Furniture Warehouse; issued Check 103 for $8,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a $1,600 salvage value. The office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. Record the adjusting journal entries that must be made on July 31, 2019. 1) Record the adjustment for depreciation on the furniture. 2) Record the adjustment for supplies. Date General Journal Debit Credit Jul 31, 2019
On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 3 Purchased office furniture for $16,900 from Furniture Warehouse; issued Check 103 for $8,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a $1,600 salvage value. The office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. Record the adjusting journal entries that must be made on July 31, 2019. 1) Record the adjustment for depreciation on the furniture. 2) Record the adjustment for supplies. Date General Journal Debit Credit Jul 31, 2019
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 9P: During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the...
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On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow.
| DATE | TRANSACTIONS | |
| July | 3 |
Purchased office furniture for $16,900 from Furniture Warehouse; issued Check 103 for $8,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a $1,600 salvage value. The office furniture will be
|
| 5 |
Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019.
|
Record the
1) Record the adjustment for depreciation on the furniture.
2) Record the adjustment for supplies.
|
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