Mannings, Inc. uses three plant asset accounts: Office Equipment, Store Equipment, and Warehouse Equipment.

Instructions:

1. Journalize the transactions completed during the current year. Use page 1 of a general journal and page 1 of a cash payments journal. General ledger accounts are: Office Equipment, 1225; Store Equipment, 1235; and Warehouse Equipment, 1245. Source documents are abbreviated as follows: check, C; memorandum, M.

2. Complete Section 1 of a plant asset record for each plant asset.

Transcribed Image Text:

Transactions: Jan. 2. Paid cash for office file cabinet (plant asset no. 1), $500.00: estimated salvage value, $50.00; estimated useful life, five years; serial no. FC2467. C130. Jan. 3. Bought office word processor (plant asset no. 2) on account from Darst, Inc., $400.00: no estimated salvage value; estimated useful life, five years; serial no. X4672Y101. M11. Apr. 4. Bought hand truck (plant asset no. 3) for warehouse on account from Boeser, Inc., $100.00: estimated salvage value, $25.00; estimated useful life, five years; serial no. 23D4689. M24. May 1. Paid cash for used truck (plant asset no. 4) to be used between warehouses, $8,500.00: estimated salvage value, $1,000.00; estimated useful life, five years; serial no. 45J3257XF29. C210. July 1. Paid cash for store shelving (plant asset no. 5), $500.00: estimated salvage value, $25.00; estimated useful life, 10 years; no serial no. C250.