The company purchased equipment that costs $12,000 by issuing a note payable to ABC Equipment. The...
The company purchased equipment that costs $12,000 by issuing a note payable to ABC Equipment. The note is a three-year 8% note, and the equipment will last for 5 years and have no salvage value. What would be the adjusting entry?
Homework Answers
Adjusting Entry
Equipment account..........Debit $12,000
Notes payable account....Credit $12,000
(Being Equipment purchased and notes payable issued)
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The company purchased equipment that costs $12,000 by issuing a
note payable to ABC Equipment. The...
What are the journal entry and calculations for Step 2? STEP ONE: Enter transactions. Go to...
What are the journal entry and
calculations for Step 2?
STEP ONE: Enter transactions. Go to QuickBooks and login to your company. Click the "" (plus sign) at the upper right hand corner of the screen. Under the "Other" column, choose "Journal Entry". The company purchased equipment that costs $12,000 by issuing a note payable to ABC Equipment. The note is a three-year 8% note, and the equipment will last for 5 years and have no salvage value. Enter the...
ABC Company purchased equipment on January 1, 2009 for $72,000. It was estimated that the equipment...
ABC Company purchased equipment on January 1, 2009 for $72,000. It was estimated that the equipment would have a $5,000 salvage value at the end of its 5-year useful life. It was also estimated that the equipment would produce 100,000 units over its 5-year life. If the company used the double- declining balance method of depreciation, what was the balance of the Accumulated Depreciation of the equipment at December 31, 2011?
show all work done 1. On December 1, 2018, the company purchased a piece of equipment...
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On January 1, 2018, ABC Company purchased equipment for $100,000. The equipment was assigned an estimated...
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What are the journal entry and
calculations for Step 2?
STEP ONE: Enter transactions. Go to QuickBooks and login to your company. Click the "" (plus sign) at the upper right hand corner of the screen. Under the "Other" column, choose "Journal Entry". The company purchased equipment that costs $12,000 by issuing a note payable to ABC Equipment. The note is a three-year 8% note, and the equipment will last for 5 years and have no salvage value. Enter the...
show all work done
1. On December 1, 2018, the company purchased a piece of equipment costing $28,000. paying $4,000 and financing the remainder. The equipment had an expected life of 5 years and a salvage value of $4,000. Interest on the note was at 6% and both principal and interest are due on Feb 28, 2019. Prepare the journal entry to reflect the purchase only. 2./3. What journal entries are required at the end of December, 2018 with regard...
On January 1, Year 3, ABC Company discovered that equipment purchased on January 1, Year 1 for $20,000 was expensed. The equipment should have been capitalized and depreciated over five years with a $2,000 salvage value Prepare the correcting journal entry at January 1, Year 3. Assume a tax rate of 20 %. 4.
33. ABC Company purchased equipment on January 1, 2009 for $72,000. It was estimated that the equipment would have a $5,000 salvage value at the end of its 5-year useful life. It was also estimated that the equipment would produce 100,000 units over its 5-year life. If the company used the double-declining balance method of depreciation, what was the balance of the Accumulated Depreciation of the equipment at December 31, 2011?* (3 Points) some other amount $44,800 $54,880 $56,480
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