Homework Answers
When recording depreciation expense, fixed account balance:-
b. is decreased by the amount of the depreciation
The entry is:-
Depreciation expense Dr.
Fixed asset Cr.
An asset account is a debit account, so when we credit it, the account decreases.
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oblem #22 of 24 When recording the adjusting entry for depreciation expense, the fixed asset account...
. Recording the adjusting entry for depreciation has the same effect as recording the adjusting entry...
. Recording the adjusting entry for depreciation has the same effect as recording the adjusting entry for A. Unearned revenue B. Prepaid expense *correct C. Accrued revenue D. Accrued expense Please explain why B is correct
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...
please fill boxes Adjustment for Depreciation The estimated amount of depreciation on equipment for the current...
please fill boxes
Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $1,730. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Depreciation Expense 1,730 Accumulated Depreciation Equipment Feedback Check My Work Depreciation expense is the allocation of a fixed asset's cost over the period used. The fixed asset account is not touched or decreased when recording the expense. Check My Work (...
Piano Dynamics Inc. is making an adjusting journal entry on December 31, 2019, for depreciation expense...
Piano Dynamics Inc. is making an adjusting journal entry on December 31, 2019, for depreciation expense of $4,250 on a specialized warehouse forklift. The forklift cost is in the Warehouse Equipment account and the asset's book value after the adjusting entry will be $53,200. The proper form of the adjusting journal entry for the forklift is Select one: a. 12/31 Warehouse Equipment 4,250 Depreciation Expense 4,250 b. 4,250 12/31 Depreciation Expense Accumulated Depreciation - Warehouse Equipment 4,250 C. O 4,250...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $562,500 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $48,400. The manager requested Information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $82,400. Required: 1. Determine the annual depreciation expense...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $875,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $75,300. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $128,100. Required: 1. Determine the annual depreciation expense...
Which of the following adjusting entries creates a decrease in liabilities? A. Recording depreciation expense B....
Which of the following adjusting entries creates a decrease in liabilities? A. Recording depreciation expense B. Recording the amount of expired prepaid insurance C. accruing unrecorded salaries expense D. Recording the earned portion of revenue previously collected in advance.
Adjusting Entry for Accrued Fees 1. At the end of the current year, $7,100 of fees...
Adjusting Entry for Accrued Fees 1. At the end of the current year, $7,100 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? 2. Garcia Realty Co. pays weekly salaries of $28,000 on Friday for a five-day workweek ending on that day. a. Journalize the necessary adjusting...
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. a. The Krug Company's Accumulated Depreciation account has a $19,500 balance to start the year. A review...
For each separate case below, tollow the three-step process for adjusting the Accumulated Depreciation account at...
For each separate case below, tollow 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. a. The Krug Company's Accumulated Depreciation account has a $17,000 balance to start the year. A review...
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...
please fill boxes
Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $1,730. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Depreciation Expense 1,730 Accumulated Depreciation Equipment Feedback Check My Work Depreciation expense is the allocation of a fixed asset's cost over the period used. The fixed asset account is not touched or decreased when recording the expense. Check My Work (...
Piano Dynamics Inc. is making an adjusting journal entry on December 31, 2019, for depreciation expense of $4,250 on a specialized warehouse forklift. The forklift cost is in the Warehouse Equipment account and the asset's book value after the adjusting entry will be $53,200. The proper form of the adjusting journal entry for the forklift is Select one: a. 12/31 Warehouse Equipment 4,250 Depreciation Expense 4,250 b. 4,250 12/31 Depreciation Expense Accumulated Depreciation - Warehouse Equipment 4,250 C. O 4,250...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $562,500 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $48,400. The manager requested Information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $82,400. Required: 1. Determine the annual depreciation expense...
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. a. The Krug Company's Accumulated Depreciation account has a $19,500 balance to start the year. A review...
For each separate case below, tollow 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. a. The Krug Company's Accumulated Depreciation account has a $17,000 balance to start the year. A review...
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