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Purchase Fitness Equipment
Accounting…please Help!! 10 points for best answer!!?
Hi, for the following 2 trasactions, which accounts will be affected?? I tried figuring it out, but I think im doing it wrong, because my balance sheet won’t balance!!
Fitness for ALL LTD. is an operating business and wants to record the following transactions for the month end october.31, 2009
These trasactions take place in september:
1. Sept.1: Fitness for all LTD. is incorporated. The owner pays $125,000 for $5000 shares of company stock.
2. Sept. 21: equipment worth $125000 is purchased from a supplier. Fitness for All LTD. pays $75000 in cash and promises to pay the remainder in six months. The estimated life of the equipment is five years.
These transactions affect both the balance sheet and income statement. Please indicate which accounts will be affected and by HOW MUCH?
Thank you!
A little confused because you say you’re recording transactions for the month ended oct.
The sept transactions would be recorded in sept
Sept 1 debit cash 125,000
credit stock 125,000
Sept 21 debit equipment 125,000
credit cash 75,000
credit accounts payable 50,000
these transactions only effect the balance sheet
The only thing I can think of from the info given for oct is if you want to record depreciation on the equipment. Given no residual value, straight line depreciation (nothing mentioned on type), and a 5 year life, $125,000/60 months = 2083.33 per month
Oct 31 debit accumulated depr: equipment (balance sheet account)
credit depr expense (this is an income statement account)
Hope that helps
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