Homework Answers
The entry would be
| Depreciation expense - Equipment | 2,000 | |
| Accumulated Depreciation - Equipment | 2,000 |
Option A is the answer
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Learning: The Adjusting Process QUESTION ANSWER Date Credit A piece of equipment purchased cost $10,000 and...
On January 1, a company purchased equipment that cost $10,000. The company has not yet recorded...
On January 1, a company purchased equipment that cost $10,000.
The company has not yet recorded depreciation, which is estimated
at $1,800 per year. The company will prepare financial statements
at the end of January. Complete the necessary journal entry.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
1 Record the depreciation for the month of January. Hote: Enter debits before credits. Date General Journal Debit Credit Jan 31
Mackay, Inc., had a piece of equipment that cost $42,000 and had accumulated depreciation of $25,000 Read the requireme...
Mackay, Inc., had a piece of equipment that cost $42,000 and had accumulated depreciation of $25,000 Read the requirement a. Mackay discarded the equipment receiving $0. (Record debits first, then credits. Exclude explanations from all journal entries.) ectanqular Snip Journal Entry Credit Date Accounts Debit а. b. Mackay sold the equipment for $18,500 cash. Journal Entry Date Accounts Debit Credit b. c. Mackay traded the equipment in on a new piece of equipment costing $45,000. Mackay was granted a $22,000...
QUESTION ANSWER Debit Credit Date Accounts On March 26, Jones Repair Service earned $1,700 of service...
QUESTION ANSWER Debit Credit Date Accounts On March 26, Jones Repair Service earned $1,700 of service revenue on account. Mar. 26 Cash 1,700 Service Revenue 1,700 The journal entry to record this transaction would be: Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Cash 1,700 Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Accounts Receivable 1,700 Accounts Debit Credit Date Mar. 26 Accounts Receivable 1,700 Service Revenue 1,700 I DON'T KNOW YET submit
18-20 18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount....
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
eBook Print Question 1 Not complete Marked out of 3.00 P Flag question Adjusting Entry for...
eBook Print Question 1 Not complete Marked out of 3.00 P Flag question Adjusting Entry for Depreciation Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $10,000. There is no balance in the Accumulated Depreciation Equipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $2,000. Prepare the required adjusting entry to record the yearly depreciation for equipment. Debit Credit General Journal Description Accumulated...
The adjusting entry to record depreciation of equipment is Select one: a. debit Accumulated Depreciation; credit...
The adjusting entry to record depreciation of equipment is Select one: a. debit Accumulated Depreciation; credit Depreciation Expense. b. debit Depreciation Expense; credit Accumulated Depreciation. c. debit Equipment; credit Accumulated Depreciation. d. debit Depreciation Expense; credit Depreciation Payable. e. debit Accumulated Depreciation; credit Equipment.
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at...
For each separate case below, follow the three-step process for
adjusting the Accumulated Depreciation account at December
31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should
equal.
Step 3: Record the December 31 adjusting entry to get from step 1
to step 2.
Assume no other adjusting entries are made during the
year.
I just wrote numbers not correct by the way just to show the
formating.
a. The Krug...
Prepare the adjusting entry for supplies. Prepare the adjusting entry for insurance. Prepare the adjusting entry...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
Pina Enterprises purchased a new piece of equipment for its factory under a new government incentive...
Pina Enterprises purchased a new piece of equipment for its factory under a new government incentive program in exchange for cash. The equipment cost $140,000 and had an estimated useful life of 10 years. The program was intended to encourage companies to invest in new, innovative technologies. The new piece of equipment purchased by Pina qualified for a government grant of $23,800. Pina collected the grant after providing proof of the purchase. Assuming that Pina uses the cost reduction method,...
Windsor Enterprises purchased a new piece of equipment for its factory under a new government incentive...
Windsor Enterprises purchased a new piece of equipment for its
factory under a new government incentive program in exchange for
cash. The equipment cost $147,000 and had an estimated useful life
of 10 years. The program was intended to encourage companies to
invest in new, innovative technologies. The new piece of equipment
purchased by Windsor qualified for a government grant of $20,600.
Windsor collected the grant after providing proof of the
purchase.
Assuming that Windsor uses the cost reduction method,...
On January 1, a company purchased equipment that cost $10,000.
The company has not yet recorded depreciation, which is estimated
at $1,800 per year. The company will prepare financial statements
at the end of January. Complete the necessary journal entry.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
1 Record the depreciation for the month of January. Hote: Enter debits before credits. Date General Journal Debit Credit Jan 31
Mackay, Inc., had a piece of equipment that cost $42,000 and had accumulated depreciation of $25,000 Read the requirement a. Mackay discarded the equipment receiving $0. (Record debits first, then credits. Exclude explanations from all journal entries.) ectanqular Snip Journal Entry Credit Date Accounts Debit а. b. Mackay sold the equipment for $18,500 cash. Journal Entry Date Accounts Debit Credit b. c. Mackay traded the equipment in on a new piece of equipment costing $45,000. Mackay was granted a $22,000...
QUESTION ANSWER Debit Credit Date Accounts On March 26, Jones Repair Service earned $1,700 of service revenue on account. Mar. 26 Cash 1,700 Service Revenue 1,700 The journal entry to record this transaction would be: Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Cash 1,700 Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Accounts Receivable 1,700 Accounts Debit Credit Date Mar. 26 Accounts Receivable 1,700 Service Revenue 1,700 I DON'T KNOW YET submit
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
eBook Print Question 1 Not complete Marked out of 3.00 P Flag question Adjusting Entry for Depreciation Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $10,000. There is no balance in the Accumulated Depreciation Equipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $2,000. Prepare the required adjusting entry to record the yearly depreciation for equipment. Debit Credit General Journal Description Accumulated...
For each separate case below, follow the three-step process for
adjusting the Accumulated Depreciation account at December
31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should
equal.
Step 3: Record the December 31 adjusting entry to get from step 1
to step 2.
Assume no other adjusting entries are made during the
year.
I just wrote numbers not correct by the way just to show the
formating.
a. The Krug...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
Pina Enterprises purchased a new piece of equipment for its factory under a new government incentive program in exchange for cash. The equipment cost $140,000 and had an estimated useful life of 10 years. The program was intended to encourage companies to invest in new, innovative technologies. The new piece of equipment purchased by Pina qualified for a government grant of $23,800. Pina collected the grant after providing proof of the purchase. Assuming that Pina uses the cost reduction method,...
Windsor Enterprises purchased a new piece of equipment for its
factory under a new government incentive program in exchange for
cash. The equipment cost $147,000 and had an estimated useful life
of 10 years. The program was intended to encourage companies to
invest in new, innovative technologies. The new piece of equipment
purchased by Windsor qualified for a government grant of $20,600.
Windsor collected the grant after providing proof of the
purchase.
Assuming that Windsor uses the cost reduction method,...
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