Journal entry : Depreciation
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(3) During the month of June, Heather's Boutique had cash sales of $243,800 and credit sales of $137,800, both of which include the 6% sales tax that must be remitted to the state by July 15. Prepare the adjusting journal entry that should be recorded to fairly present the June 30 financial statements.
(4) Cheryl Dillon Company purchases equipment on January 1, Year 1 at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Compute the amount of depreciation for each of Years 1 through Years 3 using the straight-line depreciation method and the double declining balance method.
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Solution Summary
The solution contains journal entries required for recording depreciation.
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