The following events apply to Gulf Seafood for the Year 1 fiscal year: The company started...

The following events apply to Gulf Seafood for the Year 1 fiscal year:

The company started when it acquired $60,000 cash by issuing common stock.
Purchased a new cooktop that cost $40,000 cash.
Earned $72,000 in cash revenue.
Paid $25,000 cash for salaries expense.
Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.

Required
a. Record the events in general journal format and post to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Cash					Equipment – Cooktop
Beg. Bal					Beg. Bal



End. Bal					End. Bal

Accumulated Depr.					Common Stock
Beg. Bal					Beg. Bal


End. Bal					End. Bal

Sales Revenue					Salaries Expense
Beg. Bal					Beg. Bal


End. Bal					End. Bal

Depreciation Expense
Beg. Bal


End. Bal

Expert Solution

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ekkarill92 answered 2 years ago

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