Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-In the bookkeeping process, journalizing means recording transactions in ledger accounts.

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-In the bookkeeping process, journalizing means recording transactions in ledger accounts.

Quizplus · Accepted Answer

Journalizing refers to the process of recording transactions in the journal, not the ledger. The ledger is used for organizing the information from the journal into specific accounts.

Cost of the Asset$100,000