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General Accounting Discussions: accounting entries

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  1.  
    • CommentAuthorjoshnil
    • CommentTimeJul 10th 2008
     
    Hi all,

    If one company purchase material from vendor of $100 but company is deducting 1 % as deposit (refundable)on $100.and company will pay $99 to that vendor.Please tell me the Journal entries from beginning. means raw material purchase and payment.

    Please give me your valuable suggestion.
    Thanks
    joshnil
    • CommentAuthorshamili
    • CommentTimeJul 25th 2008
     
    When raw mateial is purchased:

    Purchases a/c dr
    To Vendor a/c

    When the payment is made:
    Vendor a/c dr $100
    To cash a/c $99
    To (amount to be returned)$1
    Thankful People: kishorjain
  3.  
    what is the deprecetion expense if
    the life value of the building is 10
    years?
    • CommentAuthorpk
    • CommentTimeAug 13th 2008
     
    The monthly Depreciation expense is the total cost of building devided by (10*12) under straight line method.
    • CommentAuthorGie
    • CommentTimeAug 22nd 2008
     
    If straight line method is used, the annual depreciation expense is the first cost of the building divided by 10. If you want to obtain the monthly depreciation expense, the first cost of the building should be divided by 10 (for 10 yr-life) and 12 (the number of months in one year).

    Gie

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