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    dc2015's Avatar
    dc2015 Posts: 1, Reputation: 1
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    #1

    Nov 11, 2015, 06:02 PM
    The Accounting Cycle
    I need help to journal this problem on the general journal:

    Night purchased a surround sound system and big screen TV with a digital satellite system for the guest lounge. The surround sound sys. Cost $3,600, had a estimate useful life of 5 years and no salvage value. The TV cost $8,000 and has an estimate useful life value of 8 years, salvage value is $800. Night paid cash for both items.

    101 Cash
    182 Surround sound sys.
    182.1 Accum. Depr-Surrd And Sys
    183 Big Screen TV
    183.1 Accu. D.-Big Scn Tv
    541 Depr Exp- SSS
    543 Depr. Exp- Big S. TV
    546 Satellite program sys.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Nov 11, 2015, 07:44 PM
    There is essential information and non essential information. Assuming you are not required to make journal entries for the next 8 years the only thing you are concerned with how much you actually paid and what the first year's depreciation might be
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Nov 18, 2015, 02:29 PM
    How would you do the journal entry to purchase the 2 items. Since both items have a useful life you would be purchasing an asset.
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