Ask Experts Questions for FREE Help !
Ask
    dc2015's Avatar
    dc2015 Posts: 1, Reputation: 1
    New Member
     
    #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
    Ultra Member
     
    #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
    Ultra Member
     
    #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.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

What is an accounting cycle [ 1 Answers ]

What is an accounting cycle

Help me about the accounting cycle? [ 6 Answers ]

Beginning trial balance :prepaid rent:7,500usd Q 1:The remaining prepaid rent totally expired.(Jan 22 prepaid rent was 2,000usd for 36 days and 9 days of rent was recognized previous period therefore remaining prepaid rent for software was 1,500usd) Q2:For adjusment:half of the beginig prepaid...

Accounting steps for the accounting cycle [ 2 Answers ]

I think I wrote all the steps wrong can someone correct them for me thanks. List the following steps of the accounting cycle in their proper order: a) Preparing the post-closing trial balance.9 b) Posting the journal entries c) Journalizing and posting adjusting entries d) Preparing the...

Accounting cycle [ 1 Answers ]

Have I listed the accounting cycle in their proper order? Posting the journal entries Preparing the adjusted trial balance Preparing the unadjusted trial balance Journalizing and posting adjusting entries Preparing the post-closing trial balance Analyzing transactions and events Preparing...

Accounting cycle [ 1 Answers ]

Hi, I have posted all transactions to the specific journals and have completed my adjusting entries. What is my next step within the accounting cycle?:confused:


View more questions Search