Question
Assume that the university had requested to purchase 10 laptops and 5 buckets of printing paper on January 1, 2020. The cost of each laptop
Assume that the university had requested to purchase 10 laptops and 5 buckets of printing paper on January 1, 2020. The cost of each laptop is 1,000 USD, and the cost of each paper bucket is 20 NIS. The university base currency is JOD, and thus the USD and NIS are entered (foreign) currencies. On January 15, 2020, the supplier delivered the requested quantity to the university. Accordingly, in the same day, the inventory keeper issued a Stock In voucher (material receiving voucher) in the inventory warehouse. On January 20, 2020, new financial accountant has just hired in the university, he or she received a laptop from the stock keeper and one bucket of paper to start his or her work in the university. Based on these information, please answer the following questions (a) What are the journal entries you will record on January 1, 2020, January 15, 2020 for laptops and papers? (b) What are the journal entries you will record on January 20, 2020 and December 31, 2020? (c) Which date you will start depreciation the laptop: (a) January 1, 2020, (b) January 15, 2020, (c) On January 20, 2020, (d) December 31, 2020. (d) Why did you select this date? i.e. are there any standards state on this argument.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started