Answer:
1) Tax Payable
2) Property Plant and Equipment Asset
3) Motor Vehicle Asset
4) Property Plant and Equipment Asset
5) Advertising and Promotion Expense
6) Property Plant and Equipment Asset
7) Insurance Prepaid Asset
8) Motor Vehicle Asset
The Historical Cost of Plant Asset consists of Actual Purchase price and all Incidental Cost required to bring the asset to the point of use .
Explanation:
1) Already Accrued
2) The insurance is required to bring in the machinery
3) Sales taxes on Fixed assets are capitalised
4) The improvement is necessary in material
5) Advertising Expense not necessary for the functioning of the delivery truck
6) Fixed Asset Purchase
7) Insurance Prepayment not necessary for the functioning of the delivery truck
8) The expense is necessary for the functioning of the delivery truck
Answer:
You can't tell the difference between a legit article and an ad
Explanation:
Answer:
Explanation:
According to my research on different financial terminology, I can say that based on the information provided within the question the appropriate journal entry would include a debit to a liability and a credit to a revenue account. This must be included otherwise the journal entry will state the sale of the product or service as being made twice, which will cause errors in the financial statements.
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Answer:
The answer is D
Explanation:
Depreciation is best described as An estimate of how much of a tangible asset has been used during an accounting period: considered an expense that does not require any cash outflow under the accrual basis accounting.
Depreciation reduces the value of an asset and it reduces it over the life span of an asset. Depreciation is a non cash reduction. Depreciation tells us how much the value of an asset has reduced.
The formula is (cost of the asset - any residual value) ÷ the number of useful life span