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How would write in debit or credit of which accounts

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The owner has baking equipment, including an oven and mixer, which they have been using for their home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a five-year useful life

  • Depreciation of baking equipment transferred to company on October 13. Assume half month of depreciation in October using the straight-line method.

Problem 1: How would you write it in debit or credit of which accounts? Baking equipment? Accumulated Depreciation? Depreciation Expense?

Reference no: EM132956963

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