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On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
on March 31, 2018, wonderful landscapes discarded equipment that had a cost of $28,900. Accumulated depreciation as of D...
on
March 31, 2018, wonderful landscapes discarded equipment that had a
cost of $28,900. Accumulated depreciation as of December 31, 2017,
was 28,000. Assume annual depreciation on the equipment is $900.
Journalize the partial year depreciation expense and disposal of
the equipment
Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Mar 31 Question Viewer Calculate any gain or loss on the disposal of the equipment (Enter a "O" for items with a zero value. Enter a loss...
On October 1, 2016. Innovation Company purchased a patent for $180,000 cash. Although the patent gives...
On October 1, 2016. Innovation Company purchased a patent for $180,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to used for only six years Requirements 1. Journalize the purchase of the patent 2. Journalize the amortization expense for the year ended December 31, 2016. Assume straight-line amortization Requirement 1. Journalize the purchase of the patent (Record debits first then credits. Select the explanation on the last line of the journal entry table) Date...
Harry Carter Corporation operates four bowling alleys. The business just received the October 31, 2018, bank...
Harry Carter Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $890. Listed on the statement are an EFT rent collection of $415, a service charge of $9, NSF checks totaling $65, and a $26 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $460 and a deposit in transit of $1,765. During October, the business...
i Data Table Stone Sign Company Adjusted Trial Balance January 31, 2018 Balance Account Title Debit...
i Data Table Stone Sign Company Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation Equipment $ 7,000 Accounts Payable 3,800 Salaries Payable 100 Unearned Revenue 4,200 Notes Payable (long-term) 4,300 Common Stock 48,800 Dividends 800 $ Print Done X Х Data Table - 1,400 60,000 $ 7,000 3,800 100 Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common...
The Accounts Receivable balance for Southside, Inc. at December 31, 2017, was $29,000. During 2018, Southside...
The Accounts Receivable balance for Southside, Inc. at December 31, 2017, was $29,000. During 2018, Southside earned revenue of $460,000 on account and collected $330,000 on account. Southside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements. Requirement 1. Assume Southside had an unadjusted $2,400 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
At January 1, 2018, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Item Cost...
Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Item Cost Purchase Date Salvage Value Machinery $65,320 Jan 1, 2007 10 $0 Forklift 27,600 Jan. 1, 2014 5 0 Truck 30,728 Jan. 1, 2012 2,760 During 2017, each of the assets was removed from service. The machinery was retir $11,040. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depre company uses straight-line depreciation. All...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Loved sold the fixtures for $8,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table. Note...
Consider the following note payable transactions of Crandell Video Productions. (Click the icon to view the...
Consider the following note payable transactions of Crandell Video Productions. (Click the icon to view the transactions.) Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 1. 2017: Purchased equipment costing $20,000 by issuing a one-year, 9% noto payable. Date Accounts and Explanation Debit Credit 2017 Sep. 1 Equipment Notes Payable 20,000 20,000 Purchased equipment in exchange for one year, 9% note. Dec 31, 2017:...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
on
March 31, 2018, wonderful landscapes discarded equipment that had a
cost of $28,900. Accumulated depreciation as of December 31, 2017,
was 28,000. Assume annual depreciation on the equipment is $900.
Journalize the partial year depreciation expense and disposal of
the equipment
Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Mar 31 Question Viewer Calculate any gain or loss on the disposal of the equipment (Enter a "O" for items with a zero value. Enter a loss...
On October 1, 2016. Innovation Company purchased a patent for $180,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to used for only six years Requirements 1. Journalize the purchase of the patent 2. Journalize the amortization expense for the year ended December 31, 2016. Assume straight-line amortization Requirement 1. Journalize the purchase of the patent (Record debits first then credits. Select the explanation on the last line of the journal entry table) Date...
Harry Carter Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $890. Listed on the statement are an EFT rent collection of $415, a service charge of $9, NSF checks totaling $65, and a $26 charge for printed checks. In reviewing the cash records, the business identified outstanding checks totaling $460 and a deposit in transit of $1,765. During October, the business...
i Data Table Stone Sign Company Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation Equipment $ 7,000 Accounts Payable 3,800 Salaries Payable 100 Unearned Revenue 4,200 Notes Payable (long-term) 4,300 Common Stock 48,800 Dividends 800 $ Print Done X Х Data Table - 1,400 60,000 $ 7,000 3,800 100 Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common...
The Accounts Receivable balance for Southside, Inc. at December 31, 2017, was $29,000. During 2018, Southside earned revenue of $460,000 on account and collected $330,000 on account. Southside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements. Requirement 1. Assume Southside had an unadjusted $2,400 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Item Cost Purchase Date Salvage Value Machinery $65,320 Jan 1, 2007 10 $0 Forklift 27,600 Jan. 1, 2014 5 0 Truck 30,728 Jan. 1, 2012 2,760 During 2017, each of the assets was removed from service. The machinery was retir $11,040. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depre company uses straight-line depreciation. All...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Loved sold the fixtures for $8,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table. Note...
Consider the following note payable transactions of Crandell Video Productions. (Click the icon to view the transactions.) Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 1. 2017: Purchased equipment costing $20,000 by issuing a one-year, 9% noto payable. Date Accounts and Explanation Debit Credit 2017 Sep. 1 Equipment Notes Payable 20,000 20,000 Purchased equipment in exchange for one year, 9% note. Dec 31, 2017:...
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