On January 1, Year 1, Astor Corporation purchased and placed…
On January 1, Year 1, Astor Corporation purchased and placed a plant asset in service. The following information is available regarding the plant asset: Acquisition cost $ 130,000 Estimated salvage value $15,000 Estimated useful life 5 years Make the necessary adjusting journal entries at December 31, Year 1 to record depreciation for each year under the straight-line depreciation method.
Read DetailsPlenty Company established a petty cash fund of $150 on Octo…
Plenty Company established a petty cash fund of $150 on October 1. On October 10, the petty cash fund was replenished when there was $49 remaining and there were petty cash receipts for: office supplies, $47; transportation-in on inventory purchased, $32; and postage, $22. On October 15, the petty cash fund was decreased to $125 in total. Plenty Company uses the perpetual inventory system. Record the above transactions in general journal form.
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