On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 3 Purchased office furniture for $16,900 from Furniture Warehouse; issued Check 103 for $8,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a $1,600 salvage value. The office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. Record the adjusting journal entries that must be made on July 31, 2019. 1) Record the adjustment for depreciation on the furniture. 2) Record the adjustment for supplies. Date General Journal Debit Credit Jul 31, 2019

On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 3 Purchased office furniture for $16,900 from Furniture Warehouse; issued Check 103 for $8,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a $1,600 salvage value. The office furniture will be depreciated using the straight-line method. 5 Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. Record the adjusting journal entries that must be made on July 31, 2019. 1) Record the adjustment for depreciation on the furniture. 2) Record the adjustment for supplies. Date General Journal Debit Credit Jul 31, 2019

Name: On July 1, 2019, Tim Stein established his own accounting practice. Se
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Description: On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATETRANSACTIONSJuly3Purchased office furniture for $16,900 from Furniture Warehouse; issued Check 103 for $8,400 and agr

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 55P

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On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Note: Enter debits before credits. Date Dec. 29 General Journal Debit Credit
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