G Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank. Apr. 30 b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31

a. The journal entry for recording the purchase of the new carpet would be as follows:

April 30Debit   Credit

Carpet$18,000  

Cash      $18,000

b. The journal entry would be as follows:

December 31                                  Debit       Credit

Depreciation expense - carpet$800  

Accumulated depreciation- carpet  $800

Explanation:

a. The journal entry for recording the purchase of the new carpet would be as follows:

April 30Debit   Credit

Carpet$18,000  

Cash      $18,000

b.  According to the given data, the carpet is estimated to have a 15-year useful life and no residual value, therefore the December 31 adjusting entry for the partial-year depreciation expense for the carpet would be to debit Depreciation expense - carpet for $800 and to credit Accumulated depreciation- carpet for $800.

The journal entry would be as follows:

December 31                                  Debit       Credit

Depreciation expense - carpet$800  

Accumulated depreciation- carpet  $800

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability