art 1 Exercises (graded) 76 Saved ok Exercise 8-7A (Algo) Effect of depreciation on the accounting equation and financial statements LO 8-2 [The following information applies to the questions displayed below] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $34,000 cash by Issuing common stock. 2. Purchased a new cooktop that cost $15,300 cash. 3. Earned $21,600 in cash revenue. 4. Paid $12,300 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 $3,400. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. ences Exercise 8-7A (Algo) Part a Required a. Record the events in general journal format and post to T-accounts Complete this question by entering your answers in the tabs below. w Reg A Peg A2 Record the events in general journal, noantry la vacinado anaven acto journal entry required in the firet account field.) ype here to search m 8 Prev 34 Next > Required a. Record the events in general journal format and post to T-accounts. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Record the events in general journal. (If no entry is required for a transaction/event, select "No journal entry requ account field.) View transaction list Journal entry worksheet < A B C D E Record entry for issuance of common stock. Note: Enter debits before credits. Event 1 e here to search General Journal Debit Credit C B Required information Post the events to T-accounts. Beginning Balance Cash Beginning Balance + Equipment-Cooktop Ending Balance Ending Balance Accumulated Depreciation Common Stock Beginning Balance Beginning Balance Ending Balance Ending Balance Sales Revenue Salaries Expense Beginning Balance Beginning Balance Ending Balance Ending Balance Depreciation Expense Beginning Balance