Journalize the following year-end adjusting entries: 11/30 Journalize the depreciation expense for all Property, Plant and Equipment.
Fantastic news! We've Found the answer you've been seeking!
Question:
Journalize the following year-end adjusting entries:
11/30 Journalize the depreciation expense for all Property, Plant and Equipment. Information related to all assets is shown in the table below:
Computer & Printer purchased for $3,450 on 9/2
Cell Phone purchased for $849 on 10/9
Office Building purchased for $180,000 on 9/2
Equipment | Life | Method | Salvage Value |
Computer & Printer | 5-year | Straight-line | $100 |
Cell Phone | 3-year | Straight-line | $50 |
Office Building | 30-year | Straight-line | |
You use the ½ month convention. Therefore, take ½ month of depreciation for the month the asset is put into service and a full month for every other month. |
Related Book For
Posted Date: