Homework Answers
The entry to record depreciation expense is debit depreciation expense $380 and credit accumulated depreciation - equipment for $380
Accumulated depreciation has a credit balance because it is a contra asset account.
Increase to accumulated depreciation equipment by $380
2nd option
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If Equipment has an unadjusted balance of $4600 and Accumulated Depreciation's unadjusted balance at December 30,...
Depreciation for the current year includes Equipment, $980. The Accumulated Depreciation - Equipment unadjusted balance as...
Depreciation for the current year includes Equipment, $980. The
Accumulated Depreciation - Equipment unadjusted balance as of
December 31 is $7,700.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid, Accrual, or Depreciation. Use Unadj. Bal. as the label for the opening balance of each account. Calculate the adjusted balance and use a Bal. posting reference to show the ending balance of each account. Enter each transaction on the first available line in the T-Account. Depreciation...
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,000 and zero...
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,000. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the...
The following data are taken from the unadjusted trial balance of the Westcott Company at December...
The following data are taken from the unadjusted trial balance
of the Westcott Company at December 31. Complete the work sheet
following adjustment. Complete the Adjusted Trial Balance columns
of the work sheet. (Enter their balances in the correct Debit or
Credit column of the Unadjusted Trial Balance columns.)
Use the following adjustment information to complete the
Adjustments columns of the work sheet.
Depreciation on equipment,
$9
Accrued salaries, $13
The $29 of unearned revenue has been earned
Supplies available...
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December...
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $50,500, and the stockholders invested $45,000 cash in the company during 20x7. Account Title Debit Credit 101 Cash $15,000 126 Supplies $8,500 128 Pre-paid insurance $11,200 167 Equipment $175,000 168 Accumulated depreciation – equipment $19,000 201 Accounts payable $9,250 251 Long-term notes...
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December...
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $50,500, and the stockholders invested $45,000 cash in the company during 20x7. Account Title Debit Credit 101 Cash $15,000 126 Supplies $8,500 128 Pre-paid insurance $11,200 167 Equipment $175,000 168 Accumulated depreciation – equipment $19,000 201 Accounts payable $9,250 251 Long-term notes payable $45,000 301 Shareholders’ equity $106,900 302 Dividends $15,750 401 Construction Revenue $153,000 623 Wage expense $61,800 633 Interest expense $6,250 640 Rent expense $15,750 683 Property tax...
syas my ans is incomplete 2 At December 31, the unadjusted trial balance of H&R Tacks...
syas my ans is incomplete
2 At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $32,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $6,400. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. oints eBook Print Complete this question by entering your answers in...
1. & 2. 3. The following data are taken from the unadjusted trial balance of the...
1. & 2. 3. The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Complete the work sheet following adjustment Complete the Adjusted Trial Balance columns of the work sheet. (Enter their balances in the correct Debit or Credit column of the Unadjusted Trial Balance columns.) Use the following adjustment information to complete the Adjustments columns of the work sheet a. Depreciation on equipment, $11 b. Accrued salaries, $7 c. The $15 of...
Check my work Equipment Accumulated Depreciation (beginning of the year) $324,000 149,000 During the first week...
Check my work Equipment Accumulated Depreciation (beginning of the year) $324,000 149,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 3,450 40,000 The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $26,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects...
The following data are taken from the unadjusted trial balance of the Westcott Company at December...
The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Each account carries a normal balance and the accounts are shown here Accounts Payable Accounts Receivable Accumulated Depreciation-Equip Cash Equipment Prepaid Insurance Revenue Salaries Expense Supplies Common stock Retained earnings Dividends UnearnedRevenue Utilities Expense 12 15 21 39 18 18 24 10 32 12 12 Use the following adjustment information to complete the ten-column work sheet. a. Depreciation on equipment, $3 b. Accrued...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Account Title Debits Credits Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 2,750 6,500 2,600 185,000 45,000 18,000 78,000...
Depreciation for the current year includes Equipment, $980. The
Accumulated Depreciation - Equipment unadjusted balance as of
December 31 is $7,700.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid, Accrual, or Depreciation. Use Unadj. Bal. as the label for the opening balance of each account. Calculate the adjusted balance and use a Bal. posting reference to show the ending balance of each account. Enter each transaction on the first available line in the T-Account. Depreciation...
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,000. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the...
The following data are taken from the unadjusted trial balance
of the Westcott Company at December 31. Complete the work sheet
following adjustment. Complete the Adjusted Trial Balance columns
of the work sheet. (Enter their balances in the correct Debit or
Credit column of the Unadjusted Trial Balance columns.)
Use the following adjustment information to complete the
Adjustments columns of the work sheet.
Depreciation on equipment,
$9
Accrued salaries, $13
The $29 of unearned revenue has been earned
Supplies available...
syas my ans is incomplete
2 At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $32,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $6,400. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. oints eBook Print Complete this question by entering your answers in...
1. & 2. 3. The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Complete the work sheet following adjustment Complete the Adjusted Trial Balance columns of the work sheet. (Enter their balances in the correct Debit or Credit column of the Unadjusted Trial Balance columns.) Use the following adjustment information to complete the Adjustments columns of the work sheet a. Depreciation on equipment, $11 b. Accrued salaries, $7 c. The $15 of...
Check my work Equipment Accumulated Depreciation (beginning of the year) $324,000 149,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 3,450 40,000 The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $26,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects...
The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Each account carries a normal balance and the accounts are shown here Accounts Payable Accounts Receivable Accumulated Depreciation-Equip Cash Equipment Prepaid Insurance Revenue Salaries Expense Supplies Common stock Retained earnings Dividends UnearnedRevenue Utilities Expense 12 15 21 39 18 18 24 10 32 12 12 Use the following adjustment information to complete the ten-column work sheet. a. Depreciation on equipment, $3 b. Accrued...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Account Title Debits Credits Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 2,750 6,500 2,600 185,000 45,000 18,000 78,000...
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