CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-1 Buying Plant Assets.
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Transcript of CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-1 Buying Plant Assets.
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 RECORDPLANT ASSET RECORD page 225
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CENTURY 21 ACCOUNTING © Thomson/South-Western
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LESSON 8-1
BUYING A PLANT ASSET FOR CASHBUYING A PLANT ASSET FOR CASH page 226
January 2. Paid cash for new copying machine, $1,680.00. Check No. 62.
CENTURY 21 ACCOUNTING © Thomson/South-Western
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LESSON 8-1
BUYING A PLANT ASSET ON ACCOUNTBUYING A PLANT ASSET ON ACCOUNT page 226
January 2. Bought an office computer on account from Discount Computers, $3,300.00. Memorandum No. 70.
CENTURY 21 ACCOUNTING © Thomson/South-Western
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LESSON 8-1
CALCULATING AND PAYING CALCULATING AND PAYING PROPERTY TAXPROPERTY TAX page 227
Feb 1. Paid cash for property tax, $3,250.00. Check No. 122.
AnnualProperty Tax
=Tax Rate
Assessed Value
$65,000.00 5% = $3,250.00