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The Boat asset, has a useful life of 9 years, purchased July 1, 2023 Record the depreciation on the boat for the month of July
The "Boat" asset, has a useful life of 9 years, purchased July 1, 2023 Record the depreciation on the boat for the month of July 2023 Fishin purchases fuel for the boat on account, $1,071 including GST The monthly loan payment on the boat is $1,200, interest rate is 9%, record the first payment made on the loan, paid by cash Fishin sells 12 kg of Salmon at rates to the right, GST applicable, on account Pay the GST to the government, record the transaction Pay the Payroll taxes payable (Income Tax Payable - 232) to the government, record the transaction Fishin pays $8,000 plus GST to upgrade the boat with navigation and safety equipment, on account Record the depreciation
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