The accounts of The Tool Bin Inc. at the end of 2014, showed the tools account as follows: $\begin{array} { | l | l | l | }
\hline \text { Beginning balance } & \$ 12,000 & \
\hline \text { New tools purchased during 2001 } & & 3,000 \
\hline
\end{array}$ At the end of 2014, the tools were inventoried at "cost in present condition" as $12,500. The amount of the adjusting entry for amortization expense at the end of 2014, assuming the inventory/appraisal system, should be $_________________________.

Question

The accounts of The Tool Bin Inc. at the end of 2014, showed the tools account as follows: $\begin{array} { | l | l | l | } 
\hline \text { Beginning balance } & \$ 12,000 & \
\hline \text { New tools purchased during 2001 } & & 3,000 \
\hline
\end{array}$ At the end of 2014, the tools were inventoried at "cost in present condition" as $12,500. The amount of the adjusting entry for amortization expense at the end of 2014, assuming the inventory/appraisal system, should be $_________________________.

Quizplus · Accepted Answer

The Answer of The accounts of The Tool Bin Inc. at the end of 2014, showed the tools account as follows: $\begin{array} { | l | l | l | } 
\hline \text { Beginning balance } & \$ 12,000 & \
\hline \text { New tools purchased during 2001 } & & 3,000 \
\hline
\end{array}$ At the end of 2014, the tools were inventoried at "cost in present condition" as $12,500. The amount of the adjusting entry for amortization expense at the end of 2014, assuming the inventory/appraisal system, should be $_________________________.

The Accounts of the Tool Bin Inc At the End of 2014, the Tools Were Inventoried at of 2014