There are a few ways you can calculate your depreciation expense, including straight-line depreciation. Purchased field supplies on account from Omni Co., $1,800. Ref. Paid Charm City $12,620 for performing the Feb. 21 concert. In some cases, you may also need to record any asset impairment that comes along (i.e., when an assets market value is less than its balance sheet value). To determine the amount of each equipment depreciation journal entry, divide the value of the computers by the predicted useful life: Now, debit your Depreciation Expense account $2,000 and credit your Accumulated Depreciation account $2,000. It is just a normal sale on a credit record. Issued Check No. 24. Issued Invoice No. 944 to Ernesto Co., $6,920. Received cash from Pinecrest Co. for the balance owed on April 1. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Paid invoice on April 4 purchase from Officemate Inc. Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account consisting of $1,060 from Champion Co. and $1,450 from Wayfarer Co. Received cash for damaged supplies returned. Issued Check No. Check Figure:Total cash receipts, $67,460. tools - debit Closing of drawing account at the end of the year. 27. Purchased cleaning supplies on account from Brite N' Shine Products Inc., $200 . purchases and cash payments completed by Wisk Away Cleaning - credit 7 to T. Quinn for $105 on account. The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Enter the following account balances in the general ledger as of March 1: Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). PR 5-4A Purchases and cash payments journals; accounts - Blogger Debit your Computers account $10,000 and credit your Cash account $10,000. Issued Invoice No. Post the revenue journal to the following accounts in the general ledger, inserting the account balances only after the last postings: What is the sum of the balances of the customer accounts in the subsidiary ledger at January 31? Received cash from Ohr Co. for the balance due on invoice of April 2. Prepare a schedule of the accounts payable creditor balances and determine that the total agrees with the ending balance of the accounts payable controlling account. Purchased new equipment for $4,600 and paid for it immediately by check. b. 2 In business, the company may issue the check for various purchases from suppliers as well as for some expenses during the accounting period. The transaction will increase accounts receivable on the balance sheet. This includes recording the equipment in your books: When you first buy new, long-term equipment (i.e., fixed assets), it doesnt go on your income statement right away. Target Target App. Access your Target account under My Target in the Purchased cleaning supplies on account from Brite N 4 to Midland Supply Co. in payment of October 17 invoice. Issued Check No. 206 for fuel expense, $820. Purchased field supplies on account from Wendell Co., $3,240. Assume you purchased 12 songs for $1.25 each on iTunes. Received a bill from PLDT but payment is to bemade next month. What type of e-commerce application would be used to plan and coordinate transactions with suppliers? 92 to Trent Co., $9,840. 3 to Petro Services Inc., in payment of October 16 invoice. Purchased an automobile that will be used to visit clients issued Check 1001 for $15,000 in full payment.
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