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With GAAP method prepare charts of account begin{tabular}{llr|} hline Depriciation expense & 750 hline Accumulated depriciation & 750 hline (depriciation on van) &
With GAAP method
prepare charts of account
\begin{tabular}{llr|} \hline Depriciation expense & 750 \\ \hline Accumulated depriciation & 750 \\ \hline (depriciation on van) & 417 \\ \hline Interest expense & 417 \\ \hline Interest payable & 800 & \\ \hline (interest expense) & 800 \\ \hline Cleaning supplies & \\ \hline Cash & 800 \\ (Purchased supplies) & \\ \hline \end{tabular}Step by Step Solution
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