Homework Answers
| Transaction | Account Titles and Explanation | Debit | Credit |
| a. | Depreciation expense | $5,360 | |
| Accumulated Depreciation | $5,360 | ||
| (To record depreciation expense for the year) | |||
| b. | No Entry Required | ||
| (No journal entry is required as land is not depreciated.) | |||
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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...
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 $30,000 of equipment on January 1, 2017. The equipment is expected to...
a. Barga Company purchases $30,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,000 at the end of that time b. Welch Company purchases $11,000 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,200 for the equipment and what depreciation adjustment, if any should be made with respect to the Land account as of December 31,...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $21,000 of...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $21,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,200 at the end of that time. b. Welch Company purchases $10,100 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,760 for the equipment and what depreciation adjustment, if any, should be made with respect...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $36,000 of...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $36,000 of equipment on January 1. The equipment is expected to last five years and be worth $5,200 at the end of that time. b. Welch Company purchases $11,600 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $6,160 for the equipment and what depreciation adjustment, if any, should be made with respect...
For each separate case, record an adjusting entry (if necessary). 01:30 a. Barga Company purchases $33.000...
For each separate case, record an adjusting entry (if necessary). 01:30 a. Barga Company purchases $33.000 of equipment on January 1. The equipment is expected to last five years and be worth $4.600 at the end of that time. b. Welch Company purchases $11,300 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $5.680 for the equipment and what depreciation adjustment, if any. should be made with...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any. should be made with respect...
Upg 2020 NUU 211 0... Chapter 3 Quiz Homework Favorit Saved Help Save & Exit Submit...
Upg 2020 NUU 211 0... Chapter 3 Quiz Homework Favorit Saved Help Save & Exit Submit QS 3-7 Adjusting prepaid expenses LO P1 Check my work a. On July 1, 2017, Lopez Company paid $2,900 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $8,400 on January 1, 2017. During 2017, it purchased $3,700 of supplies. As...
n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January...
n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2.000 at the end of that time. Prepare the entry to record one year's depreciation expense for the equipment as of December 31. (if no entry is required for a transaction event, select "No journal entry required in the first account field.) ped View transaction list Journal entry worksheet Record the depreciation...
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...
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...
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 $30,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,000 at the end of that time b. Welch Company purchases $11,000 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,200 for the equipment and what depreciation adjustment, if any should be made with respect to the Land account as of December 31,...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $21,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,200 at the end of that time. b. Welch Company purchases $10,100 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,760 for the equipment and what depreciation adjustment, if any, should be made with respect...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $36,000 of equipment on January 1. The equipment is expected to last five years and be worth $5,200 at the end of that time. b. Welch Company purchases $11,600 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $6,160 for the equipment and what depreciation adjustment, if any, should be made with respect...
For each separate case, record an adjusting entry (if necessary). 01:30 a. Barga Company purchases $33.000 of equipment on January 1. The equipment is expected to last five years and be worth $4.600 at the end of that time. b. Welch Company purchases $11,300 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $5.680 for the equipment and what depreciation adjustment, if any. should be made with...
For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any. should be made with respect...
Upg 2020 NUU 211 0... Chapter 3 Quiz Homework Favorit Saved Help Save & Exit Submit QS 3-7 Adjusting prepaid expenses LO P1 Check my work a. On July 1, 2017, Lopez Company paid $2,900 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $8,400 on January 1, 2017. During 2017, it purchased $3,700 of supplies. As...
n QS 3-9 Adjusting for depreciation LO P1 Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2.000 at the end of that time. Prepare the entry to record one year's depreciation expense for the equipment as of December 31. (if no entry is required for a transaction event, select "No journal entry required in the first account field.) ped View transaction list Journal entry worksheet Record the 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...
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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