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posted earlier but was told the images were blurred, so i copied them into a word doc. thank you!! Record the transactions in the journal
posted earlier but was told the images were blurred, so i copied them into a word doc. thank you!! Record the transactions in the journal of Gloria Roper Association; (6 entries totall) Jan 1: Purchased office equipment, 115,000. Pald $76,000 cash and financed the remainder with a note payable. (Record a single compound entry) April 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $400,000 paid in cash. An independent appraisal valued the land at $315,000 and the communication equipment at $105,000. (Record a single compound entry) Sep 1: Sold a building that cost $580,000(accumulated depreciation of $280,000 through December 31 of the preceding year). Gloria Roper Association received $370,000 cash from the sale of the building. Depreciation in compound on a straight-line basis. The building has a 40- year useful life and a residual value of $40,000 Before we record the sale of the building, we must record the depreciation of the building through September 1, 2024. Now record the sale of the building on September 1 Dec 1: Record depreciation on the communication equipment. Communication equipment is depreciated over a five-year life with zero residual value. Dec 1: Record depreciation of the office equipment Office equipment is depreciated using the double declining balance method over 5 years with a $2,000 residual value. IF
posted earlier but was told the images were blurred, so i copied them into a word doc. thank you!!
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