Recorded $5,000 of depreciation expense Purchased a patent for $2,000 cash; patent is valid for 20...
Recorded $5,000 of depreciation expense
Purchased a patent for $2,000 cash; patent is valid for 20 years
Purchased equipment with cash. The cost of the equipment was $20,000; freight was $1,000, sales tax was $1,000; installation was $1,000
Sold $3,000 of inventory for $7,000. Received cash for the sale
Homework Answers
| Transaction | Accounts title and explanation | Debit | Credit |
| 1 | Depreciation expense | $ 5,000.00 | |
| Accumulated depreciation | $ 5,000.00 | ||
| (TO record deprecition expense) | |||
| 2 | Patent | $ 2,000.00 | |
| Cash | $ 2,000.00 | ||
| (To record purchse of patent) | |||
| 3 | Equipment | $ 23,000.00 | |
| Cash | $ 23,000.00 | ||
| (To record purchase of Equipmenty) | |||
| 4(A) | Cash | $ 7,000.00 | |
| Sales revenue | $ 7,000.00 | ||
| (To record sales revenue) | |||
| 4(B) | Cost of goods sold | $ 3,000.00 | |
| Merchandise inventory | $ 3,000.00 | ||
| (To record cost of goods sold) | |||
Cost of Equipment will include Freight, sales tax and installation because all this cost is nessesary to bring equipment into its working condition.
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