Record the dec. 31 adjusting entry for the partial-year, Ask an Expert

Accounting

Champion company purchased and installed carpet in its new general offices on march 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.

a. Prepare the journal entries necessary for recording the purchase of the new carpet.

b. Record the Dec. 31 adjusting entry for the partial-year deprecation expense for the carpet assuming that champion company uses the straight-line method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M959535

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