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Journal Entry help for accounting!?
Br. Burns bought an oven from the Try-N-Save. He took out a note for five months at an interest rate of 8%. The amount of the note was $300,000. The oven has a useful life of 5 years and will use the straight line method of depreciation. The expected salvage value of the oven at the end of its useful life is $50,000.
I have the following answer:
DR Equipment - Stove 300,000
CR Notes Payable - 300,000
^that's correct. Then I also have:
DR Depreciation Expense 50,000
CR Accumulated Depreciation - Oven 50,000
The 50,000 is right, but the account names are wrong. Does anyone know what they should be and why?
It does not give any details or options of what it should be.
1 Answer
- SandyLv 78 years agoFavorite Answer
It looks perfectly fine to me. Are you given choices for the account names?
