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I just dont know how to fill out the spots that are blacnk Sept 30 - cash, accumulated depreciation - interest expense - depreciation expense
I just dont know how to fill out the spots that are blacnk
Sept 30
- cash, accumulated depreciation
- interest expense
- depreciation expense
1 Part 1 of 4 Required information E8-5 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.) 15 points Steve's Outdoor Company purchased a new delivery van on January 1 for $50,000 plus $4,200 in sales tax. The company paid $13,200 cash on the van (including the sales tax), signing an 8 percent note for the $41,000 balance due in nine months (on September 30). On January 2, the company paid cash of $800 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $5,000. eBook 000 Hint E8-5 Part 1 Print Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets") References + Stockholders' Equity Liabilities Short term note payable 50,000 Date Assets January 1 Equipment (Van) Cash January 2 Equipment (Van) Cash September Cash 30 Accumulated depreciation 54,200 (13,200) 800 (800) Short term note payable (50,000) Interest expense Depreciation expenseStep by Step Solution
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