Spishomework Accounting Fundamentals 1 Renee Laventure & 12/21/19 3:54 Homework: Chapter 3 Assignment Score: 054 of 1 pt S3-10 (book/static) 4 of 14 (4 complete) HW Score: 21.68%, 304 of 1 Question Help On May 1 your company paid cash of $27.000 for computers that are expected to remain useful for three years. At the end of the years, the value of the computers is expeded to becera Make surnal entries to record ) purchase of the computers on May 1 and (b) amortization on May 31 Include dates and explanations, and use the following accounts Computer Equipment, Accumulated Amortization - Computer Equipment, and Amortization Expense Computer Equipment Before we can record the amortization for one month we must calculate the expense The cost of the capital assis spread over its us e . Remember we are recording only one month of amortization First determine the formula for the amortization expense, then use the formulato calculate the amount of amortization expense (Round your answer to the nearest whole number Abbreviations used amortization) Cost of asset Useful le Months in a year Months to amortize Amort ponse 27.000 yrs 12 Using the amounts you calculated above record the entry for one month's amortization Journal Entry Date Accounts and Explanation Debit Credit May Choose from any ist or enter any number in the input hields and then click Check Answer All parts showing Clear Al Check Answer Spishomework Accounting Fundamentals 1 Renee Laventure & 12/21/19 3:54 Homework: Chapter 3 Assignment Score: 054 of 1 pt S3-10 (book/static) 4 of 14 (4 complete) HW Score: 21.68%, 304 of 1 Question Help On May 1 your company paid cash of $27.000 for computers that are expected to remain useful for three years. At the end of the years, the value of the computers is expeded to becera Make surnal entries to record ) purchase of the computers on May 1 and (b) amortization on May 31 Include dates and explanations, and use the following accounts Computer Equipment, Accumulated Amortization - Computer Equipment, and Amortization Expense Computer Equipment Before we can record the amortization for one month we must calculate the expense The cost of the capital assis spread over its us e . Remember we are recording only one month of amortization First determine the formula for the amortization expense, then use the formulato calculate the amount of amortization expense (Round your answer to the nearest whole number Abbreviations used amortization) Cost of asset Useful le Months in a year Months to amortize Amort ponse 27.000 yrs 12 Using the amounts you calculated above record the entry for one month's amortization Journal Entry Date Accounts and Explanation Debit Credit May Choose from any ist or enter any number in the input hields and then click Check Answer All parts showing Clear Al Check
