Machinery was purchased on credit by D Bever on 31 March 2021 for $38 500 ($35 000
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Machinery was purchased on credit by D Bever on 31 March 2021 for $38 500 ($35 000 + $3500 GST) with an expected useful life of five years, using straight line depreciation and no residual value. On 31 December 2022, the machine was sold for $22 000 ($20 000 + $2000 GST) cash. The financial year ends on 30 June. Prepare:
a a time line from 1 July 2020 to 30 June 2023 b a worksheet for the full period the machinery was used by D Bever, and c the relevant extract general ledger accounts to 31 December 2021.
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Related Book For
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
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