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suneV Methuen, MA United States Sunev: Share; Share on Twitter; Share on Facebook

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Journal Entry Question

I am totally confused now because I asked a friend and he told me that I should be figuring out my .08 percent based on the $30,000 not the 180,000.00 He said to do this Dr Cash $180,000 Cr Curren…

Tagged: financial, statements, entry, journal, payable

Replied Mar 23

Estimated Useful Life Years for Leasehold Improvements

Thank-you Werner. I was not about this but what you are saying makes perfect sense!

Tagged: Financial, statements, Decline, Double, Straight

Replied Mar 22

Estimated Useful Life Years for Leasehold Improvements
2 Replies

Hi, I am trying to depreciate the leasehold Improvements made on a 10-year leased warehouse? Do I use the 15 years as the estimated useful life years? How about a delivery truck that weighs 9000 p…

Tagged: Financial, statements, Decline, Double, Straight

Started this discussion. Last reply by suneV Mar 22.

Journal Entry Question
4 Replies

Hi, I am having issue with the following Note Payable Entry. The company borrowed 180,000 from the Bank & Trust Company. The loan is repayable 30,000 per year plus interest at 8%. The loan was…

Tagged: financial, statements, entry, journal, payable

Started this discussion. Last reply by David Smart Mar 24.

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David Smart replied to suneV's discussion 'Journal Entry Question'

Hi SuneV, The first thing that you needed to do is to recognise the liability in your books - which you have correctly done with the first journal entry. Since the note was borrowed on 1 August 2009, you need to recognise interest expense for the…

March 24

suneV replied to suneV's discussion 'Journal Entry Question'

I am totally confused now because I asked a friend and he told me that I should be figuring out my .08 percent based on the $30,000 not the 180,000.00 He said to do this Dr Cash $180,000 Cr Current Portion $30,000 Cr Note Payable 150,000 Then ea…

March 23

Dipu James replied to suneV's discussion 'Journal Entry Question'

yes you need to pass the payment entry. Also you have to transfer the expense to P&L account p&L a/c dr to Interest expense a/c i would also suggest you to transfer the next years principal payment from long term liability to short term liability…

March 23

Rajesh Dadhich replied to suneV's discussion 'Journal Entry Question'

Hi SuneV, I think you have made the correct entries...

March 23

suneV replied to suneV's discussion 'Estimated Useful Life Years for Leasehold Improvements'

Thank-you Werner. I was not about this but what you are saying makes perfect sense!

March 22

Werner Reisacher replied to suneV's discussion 'Estimated Useful Life Years for Leasehold Improvements'

Leasehold improvements in leased facilities are depreciated over the time of the expected life of the assets or the time when the lease contract expires - whichever is shorter. Exception to this rule are leasehold improvements that are mobile. Then,…

March 22

suneV added 2 discussions

March 22

suneV replied to suneV's discussion 'General Journal Entry'

Lol...Is a great network site...People here really know accounting...and you can find answers from looking at other discussions or from posting questions as well. Most of the time I do the work but I just want to be sure about it.

March 18

marcQUES4 and suneV are now connections

March 18

marcQUES4 replied to suneV's discussion 'General Journal Entry'

I hear ya. That's how I ended up here too.

March 18

suneV replied to suneV's discussion 'General Journal Entry'

Yes...I need answers...I get some of the things...but this is my first accounting class and I feel totally loss and I have to do my own readings online and youtube accounting classes so I can do the assignments.

March 18

marcQUES4 replied to suneV's discussion 'General Journal Entry'

suneV, are you currently taking the Financial Accounting class at UMass Lowell too?

March 17

Muhammad Mubin Memon replied to suneV's discussion 'Depreciation Methods'

Mr. suneV, what does you mean that you want to depreciate using the double decline method for tax purposes? tax purpose treatment are compulsory by state, you must follow the state's rule, however you can do so, that using two different methods fo…

March 16

suneV added a discussion

Depreciation Methods

Hi, Do I have to use the same depreciation Method on my financial statements and on my tax return? I want to depreciate using the double-decline method for tax purposes...but can I use the straight line method for my financial statements? I know…

March 16

suneV replied to suneV's discussion 'General Journal Entry'

Awesome...thanks for your help!

March 16

Liliana replied to suneV's discussion 'General Journal Entry'

You should book $65000 to the Fixed assets :Lease warehouse improvements and depreciate it monthly , and the payment of the lease goes in Debit-Rent expense and credit the Cash with 22500

March 16

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