Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 1/21 | Equipment | $11,600 | |
| Cash | $11,600 | ||
| ( To record purchase of equipment) |
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31/21 | Depreciation expense | $2,900 | |
| Accumulated depreciation- equipment | $2,900 | ||
| ( To record depreciation expense) | |||
| Dec. 31/22 | Depreciation expense | $2,900 | |
| Accumulated depreciation - equipment | $2,900 | ||
| ( To record depreciation expense) |
Annual depreciation expense = Cost of equipment/useful life
= 11,600/4
= $2,900
Kindly comment if you need further assistance. Thanks‼!
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Carla Vista Copaid $11.600 to purchase equipment on January 1, 2021. Carla Vista Co has a...
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Type or paste question here
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Type or paste question here
On January 1, 2020, Carla Vista Company issued $395,500, 9%,
5-year bonds at face value. Interest is payable annually on January
1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the journal entry to record the accrual of interest on...
During 2021, Carla Vista Co, borrowed cash from Wildhorse Co. by issuing notes payable as follows. 1. July 1, 2021, issued an eight-month.5% note for $71.400. Interest and principal are payable at maturity. 2. November 1, 2021, issued a three-month, 5% note for $52.800 Interest is payable monthly on the first day of the month Principal is payable at maturity Carla Vista has a December 31 fiscal year end and prepares adjusting entries on an annual basis. Prepare all necessary...
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On January 2, 2020, Carla Company sells production equipment to Fargo Inc. for $48,000. Carla includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Carla incurs costs related to warranties of $930. At December 31, 2020, Carla estimates that $610 of warranty costs will be incurred in the second year of the warranty. Prepare the journal entry to record this transaction on...
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