I am in accounting 2 in high school and I cannot for the life of me figure out how to do this simple problem every time given to me.
Anyone able to help?
Memorandum:
Today we paid cash and traded in our old automatic folding machine for a new one. Accumulated depreciation to December 31, last year, is recorded on the plant asset record. Calculate the partial depreciation to be recorded for the current year, and complete the plant asset record for the old folding machine, serial number 987F-4337. Estimated useful life is 5 years; estimated salvage value is $1000.
What accounts would I debt and credit in which journals, and how do I get the numbers?
please help me.
