ACC 211 bought equipment for $6,000 on January 1st. The furniture had a 4% disco

Question

ACC 211 bought equipment for $6,000 on January 1st. The furniture had a 4% discount. Freight cost amounted to $1,600. ACC 211 had to hire a specialist to make adjustments to the equipment before use. He paid the specialist $1,500. Insurance expense for the equipment was $500 annually. The equipment has a useful life of 10 years with salvage value of $500. The straight-line method was used as the method of depreciation. All of these expenses were paid in cash.

1) Record in general journal format the acquisition of the furniture

2) Record in general journal format the adjusting entry for the first year

3) Record in general journal format, any expenses not capitalized

Explanation / Answer

1. Journal

2. Journal

3. Journal

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