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

2. CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 8-1 1.Complete when asset is purchased. 2.Complete when asset is disposed of. 3.Complete each year to record annual depreciation expense. PLANT ASSET RECORD page 225 1 2 3

3. CENTURY 21 ACCOUNTING © Thomson/South-Western 3 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.

4. CENTURY 21 ACCOUNTING © Thomson/South-Western 4 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.

5. CENTURY 21 ACCOUNTING © Thomson/South-Western 5 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

6. CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 8-1 TERMS REVIEW plant asset record real property personal property assessed value page 228