AdanChin
Aug 26, 2012, 07:16 AM
Hi, I have some balance day adjustments that I need to record, wondering if some of you could help me?
1. An apprentice is paid $200 a week. He is owed two weeks wages.
2. The business has use of a motor vehicle purchased 1 January 2010, at a cost of $32,000. It has an expected life of 4 years and an estimate trade-in value of $4000. Straight-line depreciation is used.
3. Supplies on hand 1 January 2012 were valued at $300, and supplies on hand 30 June were 2012 were valued at $550.
with question 1, is this the right entry?:
Wages expenses Dt
Wages payable Cr
Question 2, (32,000-4,000) / 4 years = $7,000 Per Annum. According to straight line depreciation. What I don't know is, does the date have anything to do with it? And how do I record this transaction?
Question 3, Is this the right entry?:
Supplies expenses Dt
Supplies Cr
I'm pretty sure I have questions 1 and 3 correct, just need you guys to verify it for me, but I really have a problem when it comes to depreciation, can someone please help?
1. An apprentice is paid $200 a week. He is owed two weeks wages.
2. The business has use of a motor vehicle purchased 1 January 2010, at a cost of $32,000. It has an expected life of 4 years and an estimate trade-in value of $4000. Straight-line depreciation is used.
3. Supplies on hand 1 January 2012 were valued at $300, and supplies on hand 30 June were 2012 were valued at $550.
with question 1, is this the right entry?:
Wages expenses Dt
Wages payable Cr
Question 2, (32,000-4,000) / 4 years = $7,000 Per Annum. According to straight line depreciation. What I don't know is, does the date have anything to do with it? And how do I record this transaction?
Question 3, Is this the right entry?:
Supplies expenses Dt
Supplies Cr
I'm pretty sure I have questions 1 and 3 correct, just need you guys to verify it for me, but I really have a problem when it comes to depreciation, can someone please help?