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egoroff_w [7]
1 year ago
6

January 12, purchased supplies for cash, to be used all year, $3,850; December 31, physical count of remaining supplies, $850

Business
1 answer:
astra-53 [7]1 year ago
6 0

At some stage in the period, the corporation purchases an additional $three,700 of workplace components for coins. by the give-up of the duration, only $850 of workplace elements remains.

Whilst you buy workplace materials for your company, the purchase impacts the components price account (fairness subaccount) and the coins account (asset). document the purchase through growing the substances price account with a debit and decreasing the coins account with a credit.

Purchase of materials for coins is recorded inside the coins and substances bills. if you buy your supplies on credit score, and it's far a huge sufficient amount that you are in all likelihood to use it over more than one accounting duration, then your liabilities, in terms of money owed payable, boom, and your modern-day belongings growth as well.

Supplies bought from a supplier the usage of credit: The resources cost account is debited and the accounts payable account is credited. inventory purchased from a provider they use of coins: The stock account is debited and the coins account is credited.

Learn more about supplies for cash here: brainly.com/question/3625390

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3 0
1 year ago
Equipment was purchased at a cost of $52,000. It had an estimated useful life of seven years and a residual value of $3,000. Ass
Gnesinka [82]

D) a debit to gain on Sale of Asset

The transaction is going to be between Accumulated Depreciation account and Gain on Sale of Asset. The Depreciation account would be credited whiles the Gain on Asset account is Debited.

Explanation:

Cost = $52,000

Estimated useful life = 7 years

Residual value = $3,000

Depreciation for each year

($52,000 -$3,000) / 7 years = $7,000

Accumulated Depreciation as at year 6

<em>$7,000 * 6 years = $42,000</em>

Carrying amount as at the end of year 6 is

<em>$52,000 - $42,000 = $10,000</em>

Sales price is $14,000.

Profit or loss on sale

(sales price - carrying amount)

<em>$14,000 - $10,000 = $4,000</em>

Therefore the profit/gain on sale of asset of $4,000 will be debited in the gain on sale of asset account.

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3 years ago
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