(L.OBJ. 4) Posting adjusting entries [5 min]
On December 1 your company paid cash of $51,300 for computers that are expected to remain useful for four years. At the end of four years, the value of the computers is expected to be zero, so depredation is $12,825 per year.
Requirements
1. Post the purchase of December 1 and the depreciation on December 31 to T-accounts for the following accounts: Computer equipment, Accumulated depreciation-Computer equipment, and Depreciation expense-Computer equipment. Show their balances at December 31. (Assume that the journal entries have been completed.)
2. What is the computer equipment’s book value on December 31?
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