LESSON 8-1 Buying Plant Assets

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Presentation transcript:

LESSON 8-1 Buying Plant Assets 5/25/2018 LESSON 8-1 Buying Plant Assets RED

PLANT ASSET RECORD 1 2 3 1. Complete when asset is purchased. page 225 1 2 3 1. Complete when asset is purchased. 2. Complete when asset is disposed of. 3. Complete each year to record annual depreciation expense. LESSON 8-1

BUYING A PLANT ASSET FOR CASH page 226 January 2. Paid cash for new copying machine, $1,680.00. Check No. 62. LESSON 8-1

BUYING A PLANT ASSET ON ACCOUNT page 226 January 2. Bought an office computer on account from Discount Computers, $3,300.00. Memorandum No. 70. LESSON 8-1

CALCULATING AND PAYING PROPERTY TAX page 227 Feb 1. Paid cash for property tax, $3,250.00. Check No. 122. Annual Property Tax = Tax Rate ´ Assessed Value $65,000.00 ´ 5% = $3,250.00 LESSON 8-1

TERMS REVIEW plant asset record real property personal property page 228 plant asset record real property personal property assessed value LESSON 8-1