Willow Creek purchased and installed carpet in its new general offices on September 30 for a...
Willow Creek purchased and installed carpet in its new general offices on September 30 for a total cost of $7,920. The carpet is estimated to have a 10-year useful life and no residual value.
a. Prepare the journal entry necessary for recording the purchase of the new carpet.
| September 30 | Carpet | ||
| Cash |
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Is this purchase improving or extending the life of the asset? Or is this purchase something that will only benefit this period?
Learning Objective 1, Learning Objective 2.
b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations.
| Dec. 31 | Depreciation Expense-Carpet | ||
| Accumulated Depreciation-Carpet |
Homework Answers
| A | Carpet | 7920 | |
| Cash | 7920 | ||
| B | Depreciation expense | 1980 | |
| Accumulated Depreciation | 1980 | ||
| (7920/10)*3/12 | |||
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