Question

Daniel Company started operations on January 1, 2015. It is now December 31, 2015, the end of the annual accounting period. The part-time bookkeeper needs your help to analyze the following three transactions:
a. During 2015, the company purchased office supplies that cost $3,000. At the end of 2015, office supplies of $800 remained on hand.
b. On January 1, 2015, the company purchased a special machine for cash at a cost of $25,000. The machine’s cost is estimated to depreciate at $2,500 per year.
c. On July 1, 2015, the company paid cash of $1,000 for a two-year premium on an insurance policy on the machine; coverage begins on July 1, 2015.

Required:
Complete the following schedule with the amounts that should be reported for2015:


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  • CreatedJuly 01, 2014
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