Date | Assets | Liabilities | Stockholders’ Equity | |||
2-Jan | Cash | -$24,000.00 | Note Payable | $234,000.00 | ||
Equipment | $258,000.00 | |||||
3-Jan | Equipment | $24,000.00 | Accounts Payable | $24,000.00 | ||
30-Jan | Cash | -$24,000.00 | Accounts Payable | -$24,000.00 | ||
1-Feb | Cash | -$1,200.00 | Repairs and Maintenance Expense | -$1,200.00 | ||
1-Mar | Cash | -$6,000.00 | ||||
Licensing Rights | $6,000.00 |
2. Computation of Depreciation and Amortization Expense |
Depreciation Rate as per DDB=1/Useful life X2 |
=(1/5)X2=40% |
Depreciation Expense for Qtr =282000*40%*1/4=28200 |
Amortisation Expense = Cost/ Useful Life |
=(6000/2)/24month=$125 |
3. JournalEntry | |||
Date | Accoutn Tittle | Debit | Credit |
31-Mar | Depreciaitn Expense | $28,200.00 | |
Accumulated Deprecation | $28,200.00 | ||
To Record Depreciation on Equipment | |||
31-Mar | Amortisation Expense | $125.00 | |
Licensing Rights | $125.00 | ||
To Record Amortization Expense |
Saved Required information PA9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation (LO 9-2, LO...
Required information PA9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation (LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.) Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $258,000 by paying $24,000 cash and signing a $234,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $24,000, purchased on account. The new steel tracks increase...
Required information PA9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation (LO 9-2, LO 9-3, LO 9-6) [The following information applies to the questions displayed below] Precision Construction entered into the following transactions during a recent year 2 Purchased a bulldozer for $258,000 by paying $24,000 cash and signing a $234,000 note due in five years. 3 Replaced the steel tracks on the bulldozer at a cost of $24,000, purchased on account. The new steel tracks increase the bulldozer's...
mework Help Seve Required information PA9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation (LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below] Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $252,000 by paying $21,000 cash and signing a $231,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $21,000, purchased on account. The new...
January 2 Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a $230,000 note due in five years.January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency.January 30 Wrote a check for the amount owed on account for the work completed on January 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $800 cost....
Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $290,000 by paying $40,000 cash and signing a $250,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $40,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote a check for the amount owed on account for the work completed on January 3. February 1 Repaired the leather...
Required information [The following information applies to the questions displayed below.] Precision Construction entered into the following transactions during a recent year January 2 Purchased a bulldozer for $268,000 by paying $29,000 cash and signing a $239,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $29,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency January 30 wrote a check for the amount owed on account for...
Need help with journal entry, Depreciation equipment, and
amortization licensing rights.
Required Information [The following information applies to the questions displayed below) Precision Construction entered into the following transactions during a recent year January 2 Purchased a bulldorer for $278,000 by paying 634,000 cash and igning a $244.000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $34,000. parchased on account. The new steel tracks increase the bulldozer's operating officiency: January...
Required information [The following information applies to the questions displayed below) Precision Construction entered into the following transactions during a recent year January 2 Purchased bulldover for $284,000 by paying $37.000 cash and signing a $247,000 note due in five years January 3 Replaced the steelrak on the bulldone at a cost of $37.000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 wrote a check for the amount owed on account for the work...
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
Casting Crown Construction entered into the following transactions during a recent year: January 2 Purchased a bulldozer for $200,000 by paying $20,000 cash and signing a $180,000 note. January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased on account. January 30 Wrote a cheque for the amount owed on account for the work completed on January 3. February 1 Replaced the seat on the bulldozer and wrote a cheque for the full $600 cost....