Journal entries are for the end of 2017 (Dec. 31st, 2017). For part b it is July 1st of 2017 that the equipment (ID1876) was sold.
I am not sure whether you depreciate the equipment (ID#1876) before it was sold (include it with the other items and make it apart of the journal entry for 2a) or when it was sold (make it apart of the journal entry for 2b).
Date | Account Titles | Debit | Credit | |
2a. | Dec-31 | Depreciation | $ 5,280 | |
Accumulated Depreciation | $ 5,280 | |||
(Depreciation for ID #1256 and 4299) | ||||
2b. | Jul-01 | Depreciation | $ 140 | |
Accumulated Depreciation | $ 140 | |||
(Depreciation for ID #1876 for 6 months) | ||||
Cash | $ 620 | |||
Accumulated Depreciation | $ 1,260 | |||
Equipment | $ 1,700 | |||
Gain on sale of Equipment | $ 180 | |||
(Sale of Equipment) | ||||
2c. | Dec-31 | Equipment | $ 3,000 | |
Cash | $ 3,000 | |||
(Purchase of Equipment) |
Journal entries are for the end of 2017 (Dec. 31st, 2017). For part b it is...
Could someone answer number 5(A) and 3(B)
and 3(C) with the equations and how they would look in a general
ledger? What should I debit and what should I credit?
$18,000 4,600 1,400 2,000 Harriet's Hats Incorporated Balance Sheet As of December 31, 20Y8 ASSETS Cash Accounts Receivable 5,000 Less: Allowance for Doubtful Accounts (400) Net Accounts Receivable Prepaid Rent Inventory Property, Plant, and Equipment 52,100 Less: Accumulated Depreciation (22,600) Net Property, Plant, and Equipment Total Assets LIABILITIES + OWNER'S...
I need assistance in entering these into Journal entries.
Especially part 3 Property Plant and Equipment. I am confused on
how to depreciate the items properly (please show work on how to do
it)
1. Using the Journal, record the transactions that occurred
during 2017. If no specific date is provided for a transaction,
leave the date column blank. Since there are several transactions
for which no date is given, the journal entries, do NOT need to be
in chronological...
I need assistance in entering these into Journal entries.
Especially part 3 Property Plant and Equipment. I am confused on
how to depreciate the items properly (please show work on how to do
it)
1. Using the Journal, record the transactions that occurred
during 2017. If no specific date is provided for a transaction,
leave the date column blank. Since there are several transactions
for which no date is given, the journal entries, do NOT need to be
in chronological...
On March 31st, 2017 Alexander Corporation sold equipment for cash of $25,000. The equipment had been purchased on June 1st, 2015 for $42,000 and at that time they had estimated a $15,000 residual value at the end of the equipment's 4-year useful life. Alexander Corporation has a December 31st year end, adjusts its records annually, and uses the double declining/diminishing balance method of depreciation for this equipment. Prepare the appropriate journal entrie(s) to record the disposal of the equipment on...
On March 31st, 2017 Alexander Corporation sold equipment for cash of $25,000. The equipment had been purchased on June 1st, 2015 for $42,000 and at that time they had estimated a $15,000 residual value at the end of the equipment's 4-year useful life. Alexander Corporation has a December 31st year end, adjusts its records annually, and uses the double declining/diminishing balance method of depreciation for this equipment. Prepare the appropriate journal entrie(s) to record the disposal of the equipment on...
On March 31st, 2017 Alexander Corporation sold equipment for cash of $25,000. The equipment had been purchased on June 1st, 2015 for $42,000 and at that time they had estimated a $15,000 residual value at the end of the equipment's 4-year useful life. Alexander Corporation has a December 31st year end, adjusts its records annually, and uses the double declining/diminishing balance method of depreciation for this equipment. Prepare the appropriate journal entrie(s) to record the disposal of the equipment on...
perpetual accounting journal entries please
December 37. Wages earned from July 1s through December 31st was $538,000. Wages earned between Dec. 15" and Dec 31st amounting to $41,000 was not paid this until Jan 7th. 38. At the end of the year, $54,000 cash was paid to the local bank for the long-term note payable taken out on January 1, 2019. $47,000 of this was applied to the loan principal. The remaining amount was the accumulated interest due for 2019....
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. rents equipment for the 12 months, paying $14,400 cash in advance on August 1st, 2019 for the rental period of August 1st, 2019 – July 31, 2020. Record the journal entry for the original payment in advance on August 1st, 2019. Record the adjusting entry to recognize Rent Expense on December 31st, 2019. Assume Say Something uses an annual accounting period which ends on December 31st, 2019 and adjusting...
CULTURU Wi!i5 rum. Journal entries for all transactions through the end of year (Dec. 31*) End of year unadjusted trial balance Adjusting journal entries for end of year adjusting transactions End of year adjusted trial balance Income Statement Statement of Retained Earnings Balance Sheet Transactions 1. Dec. 1" - a new company is formed called "Lawn Darter, Inc." $10,000 cash is contributed to the start-up in exchange for common stock. 2. Dec. 1" - $1,500 was paid for 3 months'...
Effective April 1, 2016. ABC Inc, which has a year-end of December 31st, authorized $1500000 of callable, mortgage bonds (secured by 2200000 of property and equipment at market value ). The bond paid interest at a rate of 8% per year and had a term of 6 year. Interest way payable each September 30th and march 31st. On July 1, 2017 ABC INC issued 1000 of the bonds in exchange for cash in the total amount of $906000. On October...