PREPARING PLANT ASSET RECORDS

Slides:

Advertisements

Similar presentations

Accounting for Depreciation – THE STEPS STEP 6 – Balance the Accumulated Depreciation Account The closing balance should be on the debit side STEP 5 –

Advertisements

ACCOUNTING CYCLE FOR A SERVICE BUSINESS

Accounting for Plant Assets and Depreciation

Accounting for Plant Assets and Depreciation

Accounting 3 Chapter 21 Section 3. Preparing Plant Asset Records A separate record is kept for each plant asset. This is called a Plant Asset Record.

Recording Adjusting and Closing Entries for a Service Business Chapter 8, Section 1.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-5 Planning and Recording Depreciation Adjustments.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-1 Buying Plant Assets and Paying Property Tax.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 18-1 Buying Plant Assets and Paying Property Tax.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO5 Calculate depreciation expense using.

Adjusting Entries. Lesson 15-1 Write account titles 1 1 Total, prove, and rule column totals 3 3 Enter account balances 2 2.

Closing the Accounting Cycle

CHAPTER 18 Buying Plant Assets and Paying Property Tax.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-2 Calculating and Journalizing Depreciation Expense.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-4 Disposing of Plant Assets.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1 Recording Adjusting Entries.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Buying Plant Assets.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Buying Plant Assets Completing a plant asset record. Buying a plant asset for cash.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-1 Buying Plant Assets.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 18-3 Journalizing Depreciation Expense.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 14-5 Planning and Recording Depreciation Adjustments.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-2 Calculating and Journalizing Depreciation Expense.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-2 Recording Closing Entries Original created by M.C. McLaughlin, Thomson/South-Western Modified.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-2 Recording Closing Entries.

© South-Western Educational Publishing ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS Uncollectible Accounts Expense Accounts Receivable.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 18-4 Disposing of Plant Assets.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-4 Disposing of Plant Assets.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 18-1 Buying Plant Assets and Paying Property Tax.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 18-4 Disposing of Plant Assets.

LESSON 18-1 Buying Plant Assets and Paying Property Tax.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO7Prepare plant asset records. LO8 Journalize.

LESSON 17-1 Uncollectible Accounts

LESSON 8-1 Buying Plant Assets

LESSON 8-1 Recording Adjusting Entries

LESSON 18-4 Disposing of Plant Assets

LESSON 18-2 Calculating Depreciation Expense

LESSON 18-2 Calculating Depreciation Expense

© 2014 Cengage Learning. All Rights Reserved.

LESSON 18-3 Journalizing Depreciation Expense

LESSON 14-5 Planning and Recording Depreciation Adjustments

Recording Adjusting and Closing Entries

LESSON 17-1 Uncollectible Accounts

Post-Closing Trial Balance

SALE OF A PLANT ASSET FOR BOOK VALUE

LESSON 8-1 Recording Adjusting Entries

STRAIGHT-LINE DEPRECIATION

LESSON 8-1 Recording Adjusting Entries

A business uses plant assets for more than one accounting period, so it spreads the cost of these assets over a number of years. A business must also.

Completed Accounting Forms and Making Correcting Entries

LESSON 18-3 Journalizing Depreciation Expense

Completed Accounting Forms and Making Correcting Entries

ALLOWANCE METHOD OF RECORDING LOSSES FROM UNCOLLECTIBLE ACCOUNTS

Completed Accounting Forms and Making Correcting Entries

Long-Term Assets: Plant Assets and Intangibles

LESSON 8-1 Recording Adjusting Entries

Recording Adjusting and Closing Entries

LESSON 9-2 Prepaid Expenses

LESSON 4-3 Preparing a Work Sheet for a Departmentalized Business

LESSON 14-5 Planning and Recording Depreciation Adjustments

LESSON 8-1 Recording Adjusting Entries

LESSON 8-1 Recording Adjusting Entries

LESSON 18-1 Buying Plant Assets and Paying Property Tax

Accounting for Plant Assets and Depreciation

LESSON 8-1 5/22/2019 CHAPTER 8 Recording Adjusting Entries and Closing Entries for a Service Business.

Completed Accounting Forms and Making Correcting Entries

LESSON 8-1 Recording Adjusting Entries

LESSON 8-2 Recording Closing Entries

DISCARDING A PLANT ASSET WITH NO BOOK VALUE

LESSON 9-2 Prepaid Expenses

ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST EXPENSE

Presentation transcript:

PREPARING PLANT ASSET RECORDS Lesson 21-3 PREPARING PLANT ASSET RECORDS 1 2 3 1. Complete Section 1 when asset is purchased. 2. Do not complete Section 2 until asset is disposed of. 3. Record annual depreciation expense in Section 3. Lesson 21-3, page 553

JOURNALIZING ANNUAL DEPRECIATION EXPENSE 2 3 1 1. Depreciation Expense Debit 2. Accumulated Depreciation Credit 3. Record Adjusting Entry Lesson 21-3, page 554

POSTING AN ADJUSTING ENTRY FOR DEPRECIATION EXPENSE 1 2 1. Debit Depreciation Expense 2. Credit Accumulated Depreciation Lesson 21-3, page 555

TERMS REVIEW plant asset record Lesson 21-3, page 556