The company uses a fiscal year ending June 30 for financial reporting purposes.

Adjusting entries are made monthly.

Closing entries are made at the end of the fiscal year.

Depreciation is calculated on a straight-line basis.

Assets purchased between the 1^st and 15^th of the month are depreciated for a full month. Assets purchased after the 15^th are not depreciated until the following month.

Complete the remainder of the worksheet. Please use 6/30/2022 for the current year-end.

Find the Depreciation of the sign for the month of June.

The sign was acquired on February 1, 2018. The estimated useful life is 10 years with no salvage value.

 

Transcribed Image Text:

Account SIGN Date 6/1 Account Date 6/1 6/30/2022 Explanation Balance Forward ACCUM DEPR: SIGN Explanation Balance Forward Ref. V Ref. V GJAJE DR DR Acct. No. CR Acct. No. CR 4,800 152 Balance 18,000 153 Balance 7,800 12,600 Account SIGN Date 6/1 Account Date 6/1 6/30/2022 Explanation Balance Forward ACCUM DEPR: SIGN Explanation Balance Forward Ref. V Ref. V GJAJE DR DR Acct. No. CR Acct. No. CR 4,800 152 Balance 18,000 153 Balance 7,800 12,600

Answer rating: 100% (QA)

Answer Depreciation on S... View the full answer