Question
On June 1, 2016, the firm bought supplies for $7,950. The $7,950 was debited to theSuppliesaccount. An inventory of supplies at the end of June
| On June 1, 2016, the firm bought supplies for $7,950. The $7,950 was debited to theSuppliesaccount. An inventory of supplies at the end of June showed that items costing $3,300 were on hand. | |
| 3. | On June 1, 2016, the firm bought equipment costing $64,800. The equipment has an expected useful life of 9 years and no salvage value. The firm will use the straight-line method of depreciation. |
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
