Totals 43,100.00 43,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 Net Income 0.00 L00 Totals 0.00 0.00 0.00 0.0 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) b.)
Totals 43,100.00 43,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 Net Income 0.00 L00 Totals 0.00 0.00 0.00 0.0 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) b.)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.5: Preparing A Post-closing Trial Balance
Problem 1OYO
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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