Journal Entry: Sold goods for cash and have a sales tax on those items
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Debit:
Cash
Credit:
, Sales
Sales tax payable
What are the accelerated methods of depreciation
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Double declining method
Sum of years digits
Land depreciates over time.....T or F
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False
Acquisition cost-Salvage value/Units of output
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Depreciation expense per use
Journal Entry: purchase of goods to sell on account w/ a freight charge
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Debit:
merchandise purchases
freight in
Credit:
Cash
A company that purchases finished goods for resale
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Merchandising company
Which depreciation method establishes the same depreciation expense per year
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Straight line method
What method on inventory valuation raises your taxable income
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Debit:
Cash
Credit:
, Sales
Sales tax payable
What are the accelerated methods of depreciation
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Double declining method
Sum of years digits
Land depreciates over time.....T or F
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False
Acquisition cost-Salvage value/Units of output
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Depreciation expense per use
Journal Entry: purchase of goods to sell on account w/ a freight charge
, Give this one a try later!
Debit:
merchandise purchases
freight in
Credit:
Cash
A company that purchases finished goods for resale
Give this one a try later!
Merchandising company
Which depreciation method establishes the same depreciation expense per year
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Straight line method
What method on inventory valuation raises your taxable income
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