Homework Answers
a) Journal entry
| Date | Accounts and explanation | Debit | Credit |
| Dec 31 | Depreciation expense (940000-100000/40) | 21000 | |
| Accumulated depreciation-Building | 21000 | ||
| (To record Dep) |
b) Journal entry
| Date | Accounts and explanation | Debit | Credit |
| Dec 31 | Depreciation expense (940000-315000-86000/20) | 26950 | |
| Accumulated depreciation-Building | 26950 | ||
| (To record Dep) |
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thank you in advance Budget Hardware Consultants purchased a building for $940,000 and depreciated it on a straight-...
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