Real Life Situation: You are a company owner and you decide to sell your own personal computer to your own business for $1,200. From now on, that computer will be used only for business purposes. How would you record the related transactions regarding the above decision in your company accounting books?

Real Life Situation: You are a company owner and you decide to sell your own personal computer to your own business for $1,200. From now on, that computer will be used only for business purposes. How would you record the related transactions regarding the above decision in your company accounting books?

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Description: Real Life Situation:You are a company owner and you decide to sell your own personal computer to your own business for $1,200. From now on, that computer will be used only for business purposes. How would you record the related transactions regarding

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2A: What Would You Say? A friend of yours wants to start her own pet-sitting business. She already has a...

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What Would You Say? A friend of yours wants to start her own pet-sitting business. She already has a business license that is required in her city. She has had a personal checking account for years. You have told her that she also needs to open a separate account for her business needs, but she does not understand why she needs to have two separate accounts. Explain to her why she should have a business account separate from her personal account. Use some of the language of business you have learned in your texts Introduction and in this chapter.
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