Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The motor value vaule is $52500. How to record this depreciation as one month in the Journal? Please choose following accounts to record in Journal.

The motor value vaule is $52500. image text in transcribedHow to record this depreciation as one month in the Journal?

Please choose following accounts to record in Journal.

416 - Depreciation

418 - Bad and Doubtful Debts

420 - Entertainment

425 - Freight & Courier

429 - Equipment Hire

433 - Insurance

437 - Interest Expense

441 - Legal expenses

445 - Light, Power, Heating

449 - Motor Vehicle Expenses

453 - Office Expenses

461 - Printing & Stationery

469 - Rent

473 - Repairs and Maintenance

477 - Wages and Salaries

478 - Superannuation

485 - Subscriptions

489 - Telephone & Internet

493 - Travel - National

494 - Travel - International

496 - Low Value Tools & Equipment

499 - Realised Currency Gains

500 - Distributions to Partners

505 - Income Tax Expense

510 - Loss on Disposal of Assets

Assets

620 - Prepayments

635 - Allowance for Doubtful Debts

640 - Stock on Hand

710 - Plumbing Equipment

711 - Less Accumulated Depreciation on Plumbing Equipment

720 - Computer Equipment

721 - Less Accumulated Depreciation on Computer Equipment

730 - Motor Vehicles

731 - Less Accumulated Depreciation on Motor Vehicles

740 - Capital Gain on Disposal of Assets

Liabilities

805 - Accrued Expenses

810 - Contra Clearing Account

820 - GST

830 - Income Tax Payable

840 - Historical Adjustment

850 - Suspense

860 - Rounding

Motor Vehicle Depreciation Journal Useful life: 5 years Scrap value: 1675.98 Record a manual journal: 1. Narration: Motor Vehicle Depreciation 2. Date: 2020-07-31 3. Auto Reversing: Leave blank 4. Tick 'Default narration to journal line description' 5. Untick 'Show journal on cash basis reports' 6. Amounts are No Tax 7. For marking purposes, please make sure your manual journal narration is: Motor Vehicle Dep 8. First line: Consider which account is debited 9. Second Line: Consider which account is credited

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions