Capital expenditure and depreciation Chart of Accounts Journal Instructions Will

Question

Capital expenditure and depreciation Chart of Accounts Journal Instructions Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $27,504. The carpet is estimated to have a 12-year useful lite and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Reter to the Chart of Accounts for exact wording of account tities. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method. Reter to the Chart of Accounts for exact wording of account titiles.

Explanation / Answer

A.

B.

Date General Journal Debit Credit April 30 Carpet $27,504 Cash $27,504

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