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Prepare the necessary entries

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Question - Nunca Word Processing Service Ltd uses the straight-line method of depreciation. The company's financial year end is 31 December. The following transactions and events occurred during the first three years.

2016

July 1 - Purchased an IBM computer from the Computer Centre for $6,500 cash plus sales tax of $500, and delivery costs of 5250.

Nov. 3 - Incurred ordinary repair costs of 5440.

Dec. 31 - Recorded 2016 depreciation on the basis of a four year life and estimated residual value of $1,250.

2017

Dec. 31 - Recorded 2015 depreciation.

2018

Jan. 1 - Paid $1,800 for a major upgrade of the computer. This expenditure is expected to increase the operating efficiency and capacity of the computer.

Prepare the necessary entries. Assume the goods and services are free of GST (Show computations.)

Reference no: EM131986397

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