CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-1 Buying Plant Assets.

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Chapter 21 Accounting for Plant Assets and Depreciation Part II.

LESSON 8-1 Buying Plant Assets

LESSON 18-4 Disposing of Plant Assets

LESSON 18-3 Journalizing Depreciation Expense

SALE OF A PLANT ASSET FOR BOOK VALUE

RECORDING THE BUYING OF A PLANT ASSET

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PREPARING PLANT ASSET RECORDS

LESSON 18-1 Buying Plant Assets and Paying Property Tax

Accounting for Plant Assets and Depreciation

DISCARDING A PLANT ASSET WITH NO BOOK VALUE

LESSON 19-1 Buying Plant Assets and Paying Property Taxes

© 2015 Cengage Learning. All Rights Reserved.

Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-1 Buying Plant Assets

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 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 © Thomson/South-Western 3 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 © Thomson/South-Western 4 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 © Thomson/South-Western 5 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 © Thomson/South-Western 6 LESSON 8-1 TERMS REVIEW plant asset record real property personal property assessed value page 228