The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $38,000 cash by issuing common stock. 2. Purchased a new cooktop that cost 15800 cash 3. Earned 21200 in cash revenue 4. Paid 13500 cash for salaries expense 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $2,800. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. a. Record the events in general journal format and post to T-accounts.
The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $38,000 cash by issuing common stock. 2. Purchased a new cooktop that cost 15800 cash 3. Earned 21200 in cash revenue 4. Paid 13500 cash for salaries expense 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $2,800. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. a. Record the events in general journal format and post to T-accounts.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter10: Long-lived Tangible And Intangible Assets
Section: Chapter Questions
Problem 22E
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The following events apply to Gulf Seafood for the Year 1 fiscal year:
1. The company started when it acquired $38,000 cash by issuing common stock.
2. Purchased a new cooktop that cost 15800 cash
3. Earned 21200 in cash revenue
4. Paid 13500 cash for salaries expense
5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $2,800. Use straight-line
a. Record the events in general journal format and post to T-accounts.
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