Question

per company policy, tools with a purchase price greater than $1,000 are capitalized what is the correct entry to record a tool purchase of $500

Answer 1

• Policy and processes are put in place to define the code of behavior within an organization and outline the duties of both workers and employers.
• Worker's liberties, as well as bosses' corporates interests, are safe guarded by company policies.
• This tool was purchase for less than $1,000, the expenditure was not capitalized and instead was treated as expenses.

So, the correct entry is "Debit Tools Expenses $ 500, Credit Cash $ 500".

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