Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 1/1/2022 - Rami purchased a new machine paying $30,000 cash along with voyage insurance $1000, Freight charges $2000, and installation $2000. a) what is

image text in transcribed

On 1/1/2022 - Rami purchased a new machine paying $30,000 cash along with voyage insurance $1000, Freight charges $2000, and installation $2000. a) what is the accounting entry on 1/1/2022 for the purchase of the machine? b) what is the adjusting entry on 31/12/2022 and 31/12/2023 if Rami uses straight line method to depreciate the above machine over 5 years using salvage value of $5000 ? c) what would the adjusting entry have been on 31/12/2022 and 31/12/2023 if Rami used double declining method to depreciate the above machine over 5 years using salvage value of $5000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Certificate Of Cloud Auditing Knowledge Study Guide

Authors: Isaca

1st Edition

1604208619, 978-1604208610

More Books

Students also viewed these Accounting questions

Question

e. What are notable achievements of the group?

Answered: 1 week ago

Question

d. Who are important leaders and heroes of the group?

Answered: 1 week ago