Daniel Company started operations on January 1, 2015. It is now December 31, 2015, the...
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Accounting
Daniel Company started operations on January 1, 2015. It is now December 31, 2015, the end of the annual accounting period. The part-time bookkeeper needs your help to analyze the following three transactions:
a. During 2015, the company purchased office supplies that cost $2,000. At the end of 2015, office supplies of $600 remained on hand b. On January 1, 2015, the company purchased a special machine for cash at a cost of $22,000. The machine's cost is estimated to depreciate at $2,200 per year. c. On July 1, 2015, the company paid cash of $700 for a two-year premium on an insurance policy on the machine; coverage begins on July 1, 2015. Required Complete the following schedule with the amounts that should be reported for 2015. Selected Balance Sheet Accounts at December 31, 2015 Amount to be Reported Assets Equipment Accumulated depreciation Net book value of equipment Office supplies Prepaid insurance Selected Income Statement Accounts forAmount to be Reported the Year Ended December 31, 2015 Expenses Depreciation expense Office supplies expense Insurance expense
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