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-   -   Recording transactions for plant assets (https://www.askmehelpdesk.com/showthread.php?t=407054)

  • Oct 17, 2009, 03:46 PM
    ellie2868
    recording transactions for plant assets
    Hillside Resort plant assets in two accounts: room furnishings, Account no. 1205 and equipment, account no. 1215. Room furnishings are deprciated using the double declining-balance method. Equipment is depreciated using the straight-line method.

    1. record the following transactions completed during 20X1 on page 1 of a cash payments journal.

    transactions:

    [jan 5.]. Bought a dining table: cost $2,200.00;estimated salvage value $200.00; estimated useful life, 5 years; plant asset no. 892; serial number , 903452. c435.

    (feb 26.) paid property taxes on plant assets assessed at $1,600,000.00. The tax rate is 0.8%. C534.

    Apr 5. bought an air purifier for the office:cost $1,300.00;estimated salvage value, $100.00;estimated useful life , 6 years; plant asset no. 893; serial number , BE5CC. C577.

    2. complete section 1 of a plant asset record for each new plant asset.
    3. prepare a depreciation table for each new plant asset.
    4. complete section 3 of the plant asset records for 20x1-20x4.
    5. record the following transactions completed during 20x5. Use page 2 of a cash receipts journal and page 18 of a general journal.

    transactions:
    jan 6. received cash for sale of a dining table , plant asset no. 892, $3000.00 R$

    jul 2. received cash for sale of an air purifier, plant asset no. 893, $200.00 . M31 and R77

    dec 31. Recorded the adjusting entry for depreciation expense-room furnishings. Total 20x5 depreciation expense of room furnishings was $ 38,520.00.

    6. complete the plan asset records for each plan asset sold during 20x5.
  • Oct 17, 2009, 05:26 PM
    morgaine300

    Please see the guidelines for posting homework:
    Ask Me Help Desk - Announcements in Forum : Homework Help

    That's a lot of work to expect someone else to do when you have not even shown any attempts of your own.
  • Oct 17, 2009, 09:06 PM
    ellie2868
    Actually I did try to resolve the problem on my own . I just wanted to know if I was correct.
  • Oct 17, 2009, 09:20 PM
    morgaine300

    You didn't post your work. If you want to know if you're correct, you post your work and someone here checks it.

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