What i have entered is incorrect, please help!
Homework Answers
Journal entries
| Date | account and explanation | debit | credit |
| Apr 1 | Equipment | 45360 | |
| Cash | 45360 | ||
| (To record equipment purchase) | |||
| Dec 31 | Depreciation expense (540*9) | 4860 | |
| Accumulated depreciation-equipment | 4860 | ||
| (To record dep) |
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What i have entered is incorrect, please help!
Beaver Construction purchases new equipment for $45,360 cash...
please explain how you get depreciation expense and accumulated depreciation Beaver Construction purchases new equipment for...
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
Beaver Construction purchases new equipment for $25,800 cash on April 1, 2021. At the time of...
Beaver Construction purchases new equipment for $25,800 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ($430/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation...
Beaver Construction purchases new equipment for $34,800 cash on April 1, 2021. At the time of...
Beaver Construction purchases new equipment for $34,800 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ($580/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation...
beaver construction purchases new equipment for $24,000 cash on April 1, 2021. at the time of...
beaver construction purchases new equipment for $24,000 cash on April 1, 2021. at the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the ens. beaver depreciates equipment evenly over the 60 months ($400/month) record the entries in journal and calculate the year-end adjusted balance of accumulated depreciation and depreciation expense ( assuming the balance of accumulated depreciation at the beginning on 2021 is...
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of...
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end of the four years. The company depreciates the equipment evenly over the 48 months ($1,125/month). Record the adjusting entry for depreciation on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" In...
A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of...
A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of purchase the opment is expected to be used in operations for four years (40 months and have no resale or scrap value at the end The company depreciate the equipment evenly over the 48 months ($500/month) Record the adjusting entry for depreciation on December 31, 2018 no entry is required for a transaction event, select "No journal entry required in the first account ed.)...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
Gauge Construction Company is making adjusting entries for the year ended March 31 of the current...
Gauge Construction Company is making adjusting entries for the year ended March 31 of the current year. In developing intomation for the adjusting entries, the accountant learned the following a. The capipany paid $2,000 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through June. The bookkeeper dobited the full amount to Prepaid Advertising on January 1 b. Al March 31 of the current...
Pamell Company acquired construction equipment on January 1, 2017, at a cost of $79,200. The equipment was expect...
Pamell Company acquired construction equipment on January 1, 2017, at a cost of $79,200. The equipment was expected to have a useful life of five years and a residual value of $13,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $75,700, a salvage value of $13,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under...
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
Beaver Construction purchases new equipment for $25,800 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ($430/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation...
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end of the four years. The company depreciates the equipment evenly over the 48 months ($1,125/month). Record the adjusting entry for depreciation on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" In...
A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of purchase the opment is expected to be used in operations for four years (40 months and have no resale or scrap value at the end The company depreciate the equipment evenly over the 48 months ($500/month) Record the adjusting entry for depreciation on December 31, 2018 no entry is required for a transaction event, select "No journal entry required in the first account ed.)...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
Gauge Construction Company is making adjusting entries for the year ended March 31 of the current year. In developing intomation for the adjusting entries, the accountant learned the following a. The capipany paid $2,000 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through June. The bookkeeper dobited the full amount to Prepaid Advertising on January 1 b. Al March 31 of the current...
Pamell Company acquired construction equipment on January 1, 2017, at a cost of $79,200. The equipment was expected to have a useful life of five years and a residual value of $13,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $75,700, a salvage value of $13,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under...
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