How would I post May 1st and 2nd to the general journal?
May 1st Cash Debit 200, Vending commission revenue credit 200
May 2nd Surround sound system Debit 3,600, Big screen Tv Debit 8,000, Cash Credit 11,600
Is this Correct?
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Night | Journal Entry | Calculation of depreciation- Surround sound system | Note | ||||
Date | Account | Debit $ | Credit $ | Cost of Surround sound system | 3,600.00 | A | |
1-May | Cash | 200.00 | Residual Value | - | B | ||
Vending commission revenue | 200.00 | Depreciable Value | 3,600.00 | C=A-B | |||
Life | 5.00 | D | |||||
2-May | Surround sound system | 3,600.00 | Annual depreciation | 720.00 | E=C/D | ||
Big screen TV | 8,000.00 | Monthly depreciation | 60.00 | F=E/12 | |||
Cash | 11,600.00 | ||||||
Calculation of depreciation- Big screen TV | |||||||
31-May | Depr. Exp- Surround sound system | 60.00 | Cost of Big screen TV | 8,000.00 | G | ||
Accum. Depr. - Surround sound system | 60.00 | Residual Value | 800.00 | H | |||
Depreciable Value | 7,200.00 | I=G-H | |||||
31-May | Depr. Exp- Big screen TV | 75.00 | Life | 8.00 | J | ||
Accum. Depr. - Big screen TV | 75.00 | Annual depreciation | 900.00 | K=I/J | |||
Monthly depreciation | 75.00 | L=K/12 |
How would I post May 1st and 2nd to the general journal? May 1st Cash Debit...