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Hello I need help with this transaction please. Please tell me which journal to use on top and please put the entities and amount in
Hello I need help with this transaction please. Please tell me which journal to use on top and please put the entities and amount in that journal. also please include for example to record supplies purchased on account something like that. Also please write clean and step by step. Also please give me correct answers and no wrong answers. you can write on the image so it will be helpful for me. I will do the Subsidaily and general ledgers. Thank you so much
- Ian felt the need for a better air ventilation/dust collection system. He went over to Rocker Woodcraft to purchase a system, taking Check No. 2265 with him. He brought back the dust collection system and the invoice from Rocker Woodcraft (Form 15). He wrote the check in the amount of $750.00 as partial payment, with the remaining to be billed to Basswood Furniture on account. The dust collection system is an asset. Its useful life will be three years, with aresidual value(salvage value) of zero. Record the journal entry for the invoice in the correct G/L accounts and make a new subsidiary ledger account for Rocker Woodcraft. Create a Schedule of Depreciation for the asset, assuming straight-line depreciation. (The purchase of the system is being made on the eighth of the month. According to GAAP, because the purchase is made before the fifteenth of the month, the depreciation of the asset can be recognized from the beginning of the month. Therefore, for depreciation purposes, at the end of the accounting period, you'll recognize one month's worth of depreciation for December as if the asset was purchased on the first of the month.) At the end of the accounting period, you'll provide Jeremy Gates with the asset information and schedule so that he can review it and make any changes if necessary
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