Office Furniture Journal Entry

2000 To Furnicture ac.

Office furniture journal entry. A company purchased 500 of office furniture on account. As of January 1 2017 it had accumulated depreciation of 41000. 3 Sales By Cash Ac To sales Ac 500 - -.

Journal Entry For Depreciation. Debit all expenses and losses. Which are expected to last more than one year but not for an infinite number of years are subject to depreciation.

For example suppose a business purchases pens stationery and other office consumables for 250 and is given credit terms from the supplier. Prepare the general journal entry to record this transaction. 2 Purchase To Cash Ac By Purchase Ac - 2000 2000 - Being Purchased goods of Rs.

On July 1 2017 Wright Company sells office furniture for 16000 cash. In the above example the first and foremost thing that needs to be ascertained is whether the furniture in question is goods related to business or an asset. Purchase Office Supplies on Account Journal Entry Example.

The office furniture originally cost 60000. The journal entry is as follows. Prepare the journal entry to record depreciation expense up to the date of sale.

Because assets occur and increase on the left side this is debited. The accounting records will show the following purchased supplies on account journal entry. Prepare the journal entry to record depreciation expense up to the date of sale.