Question
On june 1, 2021, Mr. Mike began the perfumes and cosmetics business, M Perfumes & Cosmetics. Jun 1. Mr. mike invested $15,500 in cash and
On june 1, 2021, Mr. Mike began the perfumes and cosmetics business, M Perfumes & Cosmetics. Jun 1. Mr. mike invested $15,500 in cash and some perfumes and other cosmetics that cost $13,000 in exchange for ordinary shares in M Perfumes & Cosmetics.
Write the general entry : ( is the perfumes and other cosmetics considered as "supply" or "equipment" ?) explain
Personally, I think that it is equipment because it will remain for a long time in the future, is my answer correct?
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
13th Canadian Edition
1119740460, 978-1119740469
