Homework Answers
Answer -
Debit Depreciation expense $ 255 and credit Accumulated depreciation $ 255.
Explanation -
Equipment = $ 15,300 on December 1.
Annual Depreciation = $ 3060
Depreciation for the year ending December 31. =
Depreciation for the period from 1 Dec to 31 Dec = for 1 month
= Annual Depreciation / 12
= $ 3060 / 12
= $ 255.
Entry will be =
Depreciation expense. Debit. $ 255
Accumulated Depreciation credit. $ 255
Add Answer to:
1 & II (ACCT 350/351) Question 36 CALCULATOR « BACK NEET Vaughn Manufacturing purchased equipment for...
CUMCIL Amp 33 Marigold Company purchased equipment for $24000 on December 1. It is estimated that...
CUMCIL Amp 33 Marigold Company purchased equipment for $24000 on December 1. It is estimated that annual depreciation on the equipment will be $6000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O Debit Depreciation Expense, $500; Credit Accumulated Depreciation, $500. Debit Equipment, $24000: Credit Accumulated Depreciation, $24000. O Debit Depreciation Expense. $6000; Credit Accumulated Depreciation, $6000. Debit Depreciation Expense, $18000; Credit Accumulated Depreciation, $18000.
Wildhorse Co. purchased equipment for $16200 on December 1. It is estimated that annual depreciation on...
Wildhorse Co. purchased equipment for $16200 on December 1. It is estimated that annual depreciation on the computer will be $3240. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O debit Equipment $16200; credit Accumulated Depreciation, $16200. O debit Depreciation Expense, $12960; credit Accumulated Depreciation, $12960. debit Depreciation Expense, $3240; credit Accumulated Depreciation, $3240. O debit Depreciation Expense, $270; credit Accumulated Depreciation, $270.
Question 6 0.5 pts On September 1, a company purchased equipment for $25,000. The equipment's estimated...
Question 6 0.5 pts On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500. The machine will be depreciated using straight-line depreciation and a five year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $4,500 debit to Depreciation Expense and a $4,500 credit to Accumulated Depreciation. $1,500 debit to Depreciation Expense and a...
PRINTER VERSION BACK NEXT Exercise 9-08 On July 1, 2019, Sheridan Company purchased new equipment for...
PRINTER VERSION BACK NEXT Exercise 9-08 On July 1, 2019, Sheridan Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500....
On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500. The machine will be depreciated using straight-line depreciation and a five year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $1,500 debit to Depreciation Expense and a $1,500 credit to Accumulated Depreciation. $4,500 debit to Depreciation Expense and a $4,500 credit to Accumulated...
Learning: The Adjusting Process QUESTION ANSWER Date Credit A piece of equipment purchased cost $10,000 and...
Learning: The Adjusting Process QUESTION ANSWER Date Credit A piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year. Debit 2,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 2,000 What is the journal entry to record the depreciation expense for the year? Date Credit Accounts Debit Accumulated Depreciation - Equipment 10,000 Depreciation Expense - Equipment 10,000 Date Credit Debit 10,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 10,000 Date Accounts Debit...
Exercise 11-16 Presented below is information related to equipment owned by Vaughn Company at December 31,...
Exercise 11-16 Presented below is information related to equipment owned by Vaughn Company at December 31, 2017 Cost Accumulated depreciation to date 1,010,000 Expected future net cash flows Fair value $9,090,000 7,070,000 4,848,000 Assume that Vaughn will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry...
QUESTION 24 Entity L purchased equipment for $22,000 on January 1, 2022. The company expects to...
QUESTION 24 Entity L purchased equipment for $22,000 on January 1, 2022. The company expects to use the equipment for 5 years and uses straight line depreciation. The equipment has no salvage value. The entry to record depreciation expense on December 31, 2022 will include: a credit to Equipment for $4.400 a credit to Depreciation Expense - Equipment for $4,400 a debit to Depreciation Expense - Equipment for $4,400 a debit to Accumulated Depreciation - Equipment $4,400.
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $1...
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 100 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
S Kimmel, Accounting, 7e Helo System Announcements CALCULATOR PRINTER VERSION BACK NEET Exercise 4-21 (Part Level...
S Kimmel, Accounting, 7e Helo System Announcements CALCULATOR PRINTER VERSION BACK NEET Exercise 4-21 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sheffield Corp. is provided below. Debit Credit Accounts Receivable $60,980 Dividends 22,090 Depreciation Expense 11,090 Equipment 178,750 Salaries and Wages Expense 76,520 Accounts Payable $44,520 Accumulated Depreciation Equipment 96,430 Unearned Rent Revenue 19,240 Service Revenue 154,390 Rent Revenue 5,210 Rent Expense 3,020 Retained Earnings 51,910 Supplies Expense 1,150...
CUMCIL Amp 33 Marigold Company purchased equipment for $24000 on December 1. It is estimated that annual depreciation on the equipment will be $6000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O Debit Depreciation Expense, $500; Credit Accumulated Depreciation, $500. Debit Equipment, $24000: Credit Accumulated Depreciation, $24000. O Debit Depreciation Expense. $6000; Credit Accumulated Depreciation, $6000. Debit Depreciation Expense, $18000; Credit Accumulated Depreciation, $18000.
Wildhorse Co. purchased equipment for $16200 on December 1. It is estimated that annual depreciation on the computer will be $3240. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O debit Equipment $16200; credit Accumulated Depreciation, $16200. O debit Depreciation Expense, $12960; credit Accumulated Depreciation, $12960. debit Depreciation Expense, $3240; credit Accumulated Depreciation, $3240. O debit Depreciation Expense, $270; credit Accumulated Depreciation, $270.
Question 6 0.5 pts On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500. The machine will be depreciated using straight-line depreciation and a five year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $4,500 debit to Depreciation Expense and a $4,500 credit to Accumulated Depreciation. $1,500 debit to Depreciation Expense and a...
PRINTER VERSION BACK NEXT Exercise 9-08 On July 1, 2019, Sheridan Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $2,500. The machine will be depreciated using straight-line depreciation and a five year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $1,500 debit to Depreciation Expense and a $1,500 credit to Accumulated Depreciation. $4,500 debit to Depreciation Expense and a $4,500 credit to Accumulated...
Learning: The Adjusting Process QUESTION ANSWER Date Credit A piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year. Debit 2,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 2,000 What is the journal entry to record the depreciation expense for the year? Date Credit Accounts Debit Accumulated Depreciation - Equipment 10,000 Depreciation Expense - Equipment 10,000 Date Credit Debit 10,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 10,000 Date Accounts Debit...
Exercise 11-16 Presented below is information related to equipment owned by Vaughn Company at December 31, 2017 Cost Accumulated depreciation to date 1,010,000 Expected future net cash flows Fair value $9,090,000 7,070,000 4,848,000 Assume that Vaughn will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry...
QUESTION 24 Entity L purchased equipment for $22,000 on January 1, 2022. The company expects to use the equipment for 5 years and uses straight line depreciation. The equipment has no salvage value. The entry to record depreciation expense on December 31, 2022 will include: a credit to Equipment for $4.400 a credit to Depreciation Expense - Equipment for $4,400 a debit to Depreciation Expense - Equipment for $4,400 a debit to Accumulated Depreciation - Equipment $4,400.
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 100 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
S Kimmel, Accounting, 7e Helo System Announcements CALCULATOR PRINTER VERSION BACK NEET Exercise 4-21 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sheffield Corp. is provided below. Debit Credit Accounts Receivable $60,980 Dividends 22,090 Depreciation Expense 11,090 Equipment 178,750 Salaries and Wages Expense 76,520 Accounts Payable $44,520 Accumulated Depreciation Equipment 96,430 Unearned Rent Revenue 19,240 Service Revenue 154,390 Rent Revenue 5,210 Rent Expense 3,020 Retained Earnings 51,910 Supplies Expense 1,150...
Most questions answered within 3 hours.
-
Lowell Corp. sells $100,000 of bonds to private investors. The
bonds are due in five years,...
asked 40 minutes ago -
3) Do you believe that Disney’s
acquisition-based growth strategy is sustainable?
4) Which competencies support this...
asked 56 minutes ago -
Rank the following three stocks by their total risk level highest
to lowest night writer has...
asked 1 hour ago -
A local
electronic company primarily manufactures four highly technical
telecommunication products. Each product must be processed...
asked 2 hours ago -
•Describe the basic structure of collagen monomers •Explain how
amino acid composition of collagen contributes to...
asked 4 hours ago -
Compute the sample correlation coefficient
r for each of the following data sets.
(Use 3 decimal...
asked 4 hours ago -
5a. What are the advantages and disadvantages of Proxy ARP?
b. What is the TTL field...
asked 4 hours ago -
An ice cube (density = 900[kg/m3]) with a side length of
2.54[cm] is held by a...
asked 6 hours ago -
would you say that leaders in the international context are born
or made? That is, can...
asked 6 hours ago -
Instructions
Read the Digital Trends article "Solid state drives are speedier
than hard disk drives. Are...
asked 6 hours ago -
A multiple-choice test consists of 29 questions with possible
answers of a, b, c, d. Estimate...
asked 6 hours ago -
Question 1: Ethanol is the active ingredient of alcoholic
beverages. It is also s a possible...
asked 6 hours ago