CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Buying Plant Assets Completing a plant asset record. Buying a plant asset for cash.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Buying Plant Assets Completing a plant asset record. Buying a plant asset for cash or on account. Calculating and paying property tax.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Competency: Accounting Adjustments and Valuation/Accounting for Plant Assets Objectives 46. Compare the methods of calculated depreciation. 47. Record depreciation of plant assets. 48. Record sale, trade-in, and disposal of plant assets. 2 LESSON 8-1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON Complete when asset is purchased. 2.Complete when asset is disposed of. 3.Complete each year to record annual depreciation expense. PLANT ASSET RECORD page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 8-1 BUYING A PLANT ASSET FOR CASH page 226 January 2. Paid cash for new copying machine, $1, Check No. 62.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 8-1 BUYING A PLANT ASSET ON ACCOUNT page 226 January 2. Bought an office computer on account from Discount Computers, $3, Memorandum No. 70.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 8-1 CALCULATING AND PAYING PROPERTY TAX page 227 Feb 1. Paid cash for property tax, $3, Check No Annual Property Tax = Tax Rate  Assessed Value $65,  5% = $3,250.00

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 8-1 TERMS REVIEW plant asset record real property personal property assessed value page 228