On January 11,2018,Orangewood Industries bought a new cash register for $7,500.In calculating depreciation expense for the year ended December 31,2018,Orangewood's accountant will assume that the cash register was purchased on:
A)January 1,2018
B)January 11,2018
C)January 31,2018
D)February 1,2018

Question

Quizplus · Accepted Answer

Accountants typically assume the assets were purchased at the beginning of the month nearest to the actual purchase,which,in this case,is January 1.

On January 11,2018,Orangewood Industries Bought a New Cash Register for $7,500.In