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Record the amount of expenses under an accrual system

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Question - A government organization has bought a new computer system for its organization. The cost of the computer system is $2,800,000. The computer system has a useful life of four years. At the end of four years the system will be scrapped. The computer was bought at the end on 15th December 2005. At the time of purchase the organization paid $1,300,000. The remaining amount was paid in the next fiscal year on 1st of June 2006.

Record the amount of expenses under an Accrual System of Accounting and under the Cash System of Accounting.

Reference no: EM133114408

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