Question

Required information [The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $33,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $14,900 cash 3. Earned $19,500 in cash revenue 4. Paid $11,400 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $2,600. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1 Required a Pocord tho ovents in general iournal format and nost t accounts If no entry is required for a transaction/event seloct "No.

Answer 1

Cash
	Beg Balance	$0		By Equipment-Cooktop	$14,900
	To Common stock	$33,000		By Salaries expenses	$11,400
	To Sales Revenue	$19,500
				Closing balance	$26,200
Equipment-Cooktop
	Beg Balance	$0
	To Cash	$14,900
				Closing balance	$14,900
Accumulated Depreciation
				By Depreciation expenses	$2,460
	Closing balance	$2,460
Common Stock
				Beg Balance	$0
				By Cash	$33,000
	Closing balance	$33,000
Sales Revenue
				Beg Balance	$0
				By Cash	$19,500
	Closing balance	$19,500
Salaries expenses
	Beg Balance	$0
	To Cash	$11,400
				Closing balance	$11,400
Depreciation expenses
	Beg Balance	$0
	To Accumulated Depreciation	$2,460
				Closing balance	$2,460
The adjusting journal entry will be:
	Depreciation expenses	$2,460
	Accumulated Depreciation		$2,460
	[($14,900 - 2,600)/5 years]