Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Record and post the purchase of building, sale of building, and depreciation in appropriate journals (ex. sales journal, cash payments journal, etc). Date Accounts DR
Record and post the purchase of building, sale of building, and depreciation in appropriate journals (ex. sales journal, cash payments journal, etc).
Date | Accounts | DR | CR |
Jan 1, 2015 | Building | 300,000 | |
Cash | 300,000 | ||
Dec 31, 2015 | Depreciation expense - Building | 10,000 | |
Accumulated depreciation - Building | 10,000 | ||
Dec 31, 2016 | Depreciation expense - Building | 10,000 | |
Accumulated depreciation - Building | 10,000 | ||
Dec 31, 2017 | Depreciation expense - Building | 10,000 | |
Accumulated depreciation - Building | 10,000 | ||
Dec 31, 2018 | Depreciation expense - Building | 10,000 | |
Accumulated depreciation - Building | 10,000 | ||
Dec 31, 2019 | Depreciation expense - Building | 10,000 | |
Accumulated depreciation - Building | 10,000 | ||
Dec 31. 2019 | Cash | 260,000 | |
Accumulated depreciation - building | 50,000 | ||
Gain on sale of building | 10,000 | ||
Building | 300,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started