RECORDING THE BUYING OF A PLANT ASSET

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Presentation transcript:

RECORDING THE BUYING OF A PLANT ASSET January 2, 20X1. Paid cash for a display case, $1,250.00. Check No. 7. Cash Store Equipment 1. Which accounts are affected? Store Equipment Cash Debit Normal Balance 1,250.00 2. How is each account classified? Store Equipment is an asset account. Cash is an asset account.  Debit Normal Balance 3. How is each classification changed? Assets are increased. Assets are decreased. 1,250.00  4. How is each amount entered in the accounts? Assets increase on the debit side. Assets decrease on the credit side. Lesson 21-1, page 546

RECORDING THE BUYING OF A PLANT ASSET 4 3 2 1 1. Account Title 2. Cost of the Plant Asset 3. Cash Paid 4. Post Lesson 21-1, page 546

CALCULATING AND PAYING PROPERTY TAX February 1. Harrison Manufacturing paid cash for property tax, $840.00. Check No. 187. Assessed Value  Tax Rate = Annual Property Tax     $70,000.00  1.2% = $840.00 Cash Property Tax Expense Debit Normal Balance Debit Normal Balance 840.00 840.00   Lesson 21-1, page 547

TERMS REVIEW current assets plant assets real property personal property assessed value Lesson 21-1, page 548