The Game Shop purchased furniture on January 1, 2023 for $12,000. The furniture will be used...
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The Game Shop purchased furniture on January 1, 2023 for $12,000. The furniture will be used for eight years. The company's year-end is March 31, 2023. REQUIRED: Using the straight-line depreciation method, prepare the general journal entry to record the depreciation for the year ending March 31, 2023. Jim Bean owns a coffee shop called Bean's Company. After closing all revenues and expenses, the Income Summary account had a $33,000 debit balance. REQUIRED: Prepare the general journal entry to close the Income Summary account at the year-end December 31, 2023. The Game Shop purchased furniture on January 1, 2023 for $12,000. The furniture will be used for eight years. The company's year-end is March 31, 2023. REQUIRED: Using the straight-line depreciation method, prepare the general journal entry to record the depreciation for the year ending March 31, 2023. Jim Bean owns a coffee shop called Bean's Company. After closing all revenues and expenses, the Income Summary account had a $33,000 debit balance. REQUIRED: Prepare the general journal entry to close the Income Summary account at the year-end December 31, 2023.
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Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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