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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
|
| 5 |
Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019.
|
Record the
1) Record the adjustment for depreciation on the furniture.
2) Record the adjustment for supplies.
|
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