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LESSON 8-1 Buying Plant Assets

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Presentation on theme: "LESSON 8-1 Buying Plant Assets"— Presentation transcript:

1 LESSON 8-1 Buying Plant Assets
5/25/2018 LESSON 8-1 Buying Plant Assets RED

2 PLANT ASSET RECORD 1 2 3 1. Complete when asset is purchased.
page 225 1 2 3 1. Complete when asset is purchased. 2. Complete when asset is disposed of. 3. Complete each year to record annual depreciation expense. LESSON 8-1

3 BUYING A PLANT ASSET FOR CASH
page 226 January 2. Paid cash for new copying machine, $1, Check No. 62. LESSON 8-1

4 BUYING A PLANT ASSET ON ACCOUNT
page 226 January 2. Bought an office computer on account from Discount Computers, $3, Memorandum No. 70. LESSON 8-1

5 CALCULATING AND PAYING PROPERTY TAX
page 227 Feb 1. Paid cash for property tax, $3, Check No. 122. Annual Property Tax = Tax Rate Assessed Value $65,000.00 5% = $3,250.00 LESSON 8-1

6 TERMS REVIEW plant asset record real property personal property
page 228 plant asset record real property personal property assessed value LESSON 8-1

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