Equipment is purchased on 31 December 2021 for $23 100 ($21 000 + $2100 GST). It is
Question:
Equipment is purchased on 31 December 2021 for $23 100 ($21 000 + $2100 GST). It is to be depreciated at 15% p.a. straight line depreciation and is expected to have a residual value of $1100 ($1000 + $100 GST).
As at 30 June 2022, prepare:
• general journals for balance day adjustments and closing the expense to the profit and loss account
• an extract income statement, and
• an extract balance sheet.
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Equipment Depreciation and Journal Entries December 2021 June 2022 Depreciation Calculation Deprecia...View the full answer
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Related Book For 
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
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