Homework Answers
1) An adjustment entry is completed at the end of the accounting period.
4) The expected value of a depreciable asset at the end of its useful life is called residual value.
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isting Entries and Depreciatic Feb 14 at 9:53am Instructions Question 1 An adjusting entry is completed...
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. purchases equipment on 5/1/2019, paying...
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. purchases equipment on 5/1/2019, paying $4,500 in cash. The equipment has a 4-year useful life, $0 salvage value, and Say Something uses the ‘straight line depreciation’ method to allocate the cost of the equipment evenly over its useful life. Record the journal entry for the original purchase of equipment on May 1st, 2019. Record the adjusting entry to recognize Depreciation Expense on December 31st, 2019. Assume Say Something uses...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
1. Which of the following adjusting entries would not be reversed in the following accounting period?...
1. Which of the following adjusting entries would not be reversed in the following accounting period? a. an entry that recognized an accrued revenue earned during the current period b. an entry that transferred a portion of a revenue account to a liability account c. an entry that recognized an accrued expense of the current period d. an entry that allocated the expired portion of a long-lived asset to the current year's income statement (I know that it is not...
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4. Purchased a used delivery truck for $27,680, paying cash. Nov. 2. Paid garage $725 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value...
There are 12 journal entries The following transactions and adjusting entries were completed by a paper-packaging...
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...
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a...
The following transactions, adjusting entries, and
closing entries were completed by Legacy Furniture Co. during a
three-year period. All are related to the use of delivery
equipment. The double-declining-balance method of depreciation is
used.
year 1
Jan. 4. Purchased a used delivery truck for $29,200, paying
cash.
Nov. 2. Paid garage $650 for miscellaneous repairs to the
truck.
Dec. 31. Recorded depreciation on the truck for the year. The
estimated useful life of the truck is four years, with a...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International...
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 $94,000 cash to purchase storage shed components. January 3 Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $7,000. April 1 Paid...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International...
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 $88,000 cash to purchase storage shed components. January 3 Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $7,000. April 1 Paid...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International...
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 $90,000 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 Paid...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International...
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 $96,000 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...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
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...
The following transactions, adjusting entries, and
closing entries were completed by Legacy Furniture Co. during a
three-year period. All are related to the use of delivery
equipment. The double-declining-balance method of depreciation is
used.
year 1
Jan. 4. Purchased a used delivery truck for $29,200, paying
cash.
Nov. 2. Paid garage $650 for miscellaneous repairs to the
truck.
Dec. 31. Recorded depreciation on the truck for the year. The
estimated useful life of the truck is four years, with a...
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