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Category > Accounting Posted 22 May 2017 My Price 3.00

Tolson Company purchased a building by paying $85,000

1. On January 1, Tolson Company purchased a building by paying $85,000. The building has an estimated life of 40 years and an estimated residual value of $5,000. Prepare journal entries to record the purchase and the related year-end adjusting entry.

2. On July 1, Friler Company purchased a three-year insurance policy by paying $5,400. Prepare journal entries to record the purchase and the related year-end adjusting entry.

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Alpha Geek
(8)
Status NEW Posted 22 May 2017 07:05 AM My Price 3.00

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file 1495437451-Answer.docx preview (91 words )
1-----------. O-----------n J-----------anu-----------ary----------- 1,----------- To-----------lso-----------n C-----------omp-----------any----------- pu-----------rch-----------ase-----------d a----------- bu-----------ild-----------ing----------- by----------- pa-----------yin-----------g $-----------85,-----------000-----------. T-----------he -----------bui-----------ldi-----------ng -----------has----------- an----------- es-----------tim-----------ate-----------d l-----------ife----------- of----------- 40----------- ye-----------ars----------- an-----------d a-----------n e-----------sti-----------mat-----------ed -----------res-----------idu-----------al -----------val-----------ue -----------of -----------$5,-----------000-----------. P-----------rep-----------are----------- jo-----------urn-----------al -----------ent-----------rie-----------s t-----------o r-----------eco-----------rd -----------the----------- pu-----------rch-----------ase----------- an-----------d t-----------he -----------rel-----------ate-----------d y-----------ear------------en-----------d a-----------dju-----------sti-----------ng -----------ent-----------ry.----------- 2-----------. O-----------n J-----------uly----------- 1,----------- Fr-----------ile-----------r C-----------omp-----------any----------- pu-----------rch-----------ase-----------d a----------- th-----------ree------------ye-----------ar -----------ins-----------ura-----------nce----------- po-----------lic-----------y b-----------y p-----------ayi-----------ng -----------$5,-----------400-----------. P-----------rep-----------are----------- jo-----------urn-----------al -----------ent-----------rie-----------s t-----------o r-----------eco-----------rd -----------the----------- pu-----------rch-----------ase----------- an-----------d t-----------he -----------rel-----------ate-----------d y-----------ear------------en-----------d a-----------dju-----------sti-----------ng -----------ent-----------ry.-----------
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