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please answer number viii Page 7 rinciples of Accounting 1 VII. The Brown Company maintains four special journals: a single column sales journal, a single
please answer number viii
Page 7 rinciples of Accounting 1 VII. The Brown Company maintains four special journals: a single column sales journal, a single column Purchase journal, a Cash receipts journal, a Cash payments journal and a general journal to record its transactions. Using the code below, indicate in the space provided the appropriate journal for recording the transactions listed. (10 points) Code Journals Sales Journal CR. Cash Receipts Journal CP Cash Payments Joumal Purchases Journal General Journal Mr. Brown invested cash in the business. Purchased store supplies on account. Sold merchandise to customer on account. Purchased a 2-year fire insurance policy for cash. Received a check from a customer as payment on account. Paid for store supplies purchased in transaction 2, Purchased merchandise on account. Purchased office equipment for cash Made an adjusting entry store supplies used during the period. Issued a credit memorandum to a customer who returned defective merchandise previously sold on account. VILL Dede Company acquires a delivery truck on Oct 1 2000 at a cost of $26,000. The truck is expected to have a salvage value of $1,000 at the end of its 10-year useful life- (a) Compute the depreciation for 2000 and 2001 using the straight-line method. (b) What is the total accumulated depreciation at the end of 2001? (c) Find the Book value of the truck at the end of 2001. The company's fiscal year begins on January 1s and ends on December 31st (10 points)Step by Step Solution
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