CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 18-1 Buying Plant Assets and Paying Property Tax.

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Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 18-1 Buying Plant Assets and Paying Property Tax

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 18-1 RECORDING THE BUYING OF A PLANT ASSET 12 3 page 535 January 3, 20X1. Paid cash for a display case, $3, Check No Cash paid 4 2.Cost of the plant asset 1.Account title 4.Post

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 18-1 CALCULATING AND PAYING PROPERTY TAX page 536 February 1. Classic Parts, Inc., paid cash for property tax, $ Check No. 69. Annual Property Tax =Tax Rate× Assessed Value $720.00=1.2%×$60,000.00

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 18-1 TERMS REVIEW real property personal property assessed value page 537