Please help me out and explain how to get the answers. Thank you
General Journal
Date | Account Title and Explanation | Debit | Credit |
Jan 2 2018 | Storage shed | $95,000 | |
Cash | $95,000 | ||
( To record the purchase of storage shed ) | |||
Jan 3 2018 | Storage shed | $ 5,000 | |
Cash | $ 5,000 | ||
( To capitalize the construction cost of the storage shed ) | |||
April1 2018 | Truck | $38,000 | |
Cash | $38,000 | ||
( To record the purchase of truck ) | |||
May 13 2018 | Maintenance and Repairs Expenses | $ 250 | |
Cash | $ 250 | ||
( To record the payment for truck repairs ) | |||
July 1 2018 | Patent | $20,000 | |
Cash | $20,000 | ||
(To record the acquisition of patent rights) | |||
Dec31 2018 | Depreciation Expanse - Storage shed ( 1/10=10%*2=20%* $ 100,000) | $20,000 | |
Accumulated Depreciation | $20,000 | ||
(To record the 2018 depreciation of storage shed ) | |||
Depreciation Expanse - Truck ((($ 38,000 - $ 8,000) / 5) * 9/12) | $4,500 | ||
Accumulated Depreciation | $ 4,500 | ||
(To record the 2018 depreciation truck) | |||
Amortization Expenses Patents ( (20,000/5 ) 6/12)) | $ 2,000 | ||
Accumulated Amortization Patent | $ 2,000 | ||
(To record the amortization on patent) | |||
Jun 30 2019 | Depreciation Expanse Truck ($38,000- $ 8,000/5 years )* 6/12 | $ 3,000 | |
Accumulated Depreciation Truck | $ 3,000 | ||
( To record the 2019 depreciation of truck prior to its selling ) | |||
Cash | $ 33,000 | ||
Accumulated Depreciation Truck( 2018 $ 4500 + 2019 $ 3000) | $ 7,500 | ||
Truck | $38,000 | ||
Gain on sale of Truck | $ 2,500 | ||
Dec 31 2019 | Depreciation Expanse storage shed ($100,000-$ 20,000) = $80,000 * 20% ) | $16,000 | |
Accumulated Depreciation Storage shed | $ 16,000 | ||
(TO record the 2019 depreciation on storage shed ) | |||
Loss on write off of Patent( $ 20,000- $ 2,000) | $18,000 | ||
Accumulated Amortization Patent | $ 2,000 | ||
Patent | $ 20,000 | ||
( To write off patent off the books) |
Please help me out and explain how to get the answers. Thank you PA9-4 Recording Transactions...
Can you also explain how did you get the answer ? PA9-4 Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9-2, LO 9-3, LO 9-4, LO 9-5, LO 9-6] The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $95,000 cash to purchase...
Any help appreciated, Thank you! The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $87,eee cash to purchase storage shed components. January 3 Paid $3,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 2 Paid $100,000 cash to purchase storage shed components. 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $8,000. January January 1 Paid $46,000...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $100,000 cash to purchase storage shed components. January 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $8,000. April 1...
How to finish 6,8,9,10,11,12 journal entries? The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $85,000 cash to purchase storage shed components. January 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $86,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1 Paid...
The following transactions and adjusting entries were completed by Gravure Graphics International, a paper-packaging company. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. April January 2, 2016 Paid $96,600 cash to purchase storage shed components. January 3, 2016 Paid $5,400 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000. 1, 2016 Paid $42,400 cash to purchase...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents 2018 January 2 Paid $101,000 cash to purchase storage shed components. January 3 Paid $6,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $9,000. April 1 Paid...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $95,000 cash to purchase storage shed components. January 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $10,000. April 1 Paid...
There are 12 journal entries The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $86,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value...