Homework Answers
The entry to record depreciation expense, the depreciation expense is debited and the relative accumulated depreciation account is credited. Asset account is only credited / debited when there is a direct sale or purchase of the asset.
Hence Journal A, C , D and E are incorrect
Correct choice B
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Piano Dynamics Inc. is making an adjusting journal entry on December 31, 2019, for depreciation expense...
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...
Prepare the adjusting entry for supplies. Prepare the adjusting entry for insurance. Prepare the adjusting entry...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
why the journal entry for january 31 is not depreciation expense 200 accumulated depreciation 200 ? M4-10 Preparing...
why the journal entry for january 31 is not
depreciation expense 200
accumulated depreciation 200
?
M4-10 Preparing Journal Entries for Deferral Transactions and Adjustments, continued b. Walker Window Washing paid $1,200 cash for supplies on December 31, 2018. As of January 31, 2019, $200 of these supplies had been used up. December 31, 2018: Supplies (+A) Cash (-A) 1,200 1,200 January 31, 2019 AJE: Supplies Expense (+E) Supplies (-A) 200 200
Depreciation on an office building is $12,600. The adjusting entry on December 31 would be: (If...
Depreciation on an office building is $12,600. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31 Accounts Payable Accumulated Depreciation Office Building Cash Depreciation Expense Office Building
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Adjusting Entries for Depreciation; Effect of Error On December 31, a business estimates depreciation on equipment...
Adjusting Entries for Depreciation; Effect of Error On December 31, a business estimates depreciation on equipment used during the first year of operations to be $13.900. a. Journalize the adjusting entry required as of December 31. Dec. 31 b. If the adjusting entry in (a) were omitted, which items would be erroneously stated on the income statement for the year? Depreciation Expense Net Income If the adjusting entry in (a) were omitted, which items would be erroneously stated on the...
fill journal and ledger Desoto Company must make three adjusting entries on December 31, 2019 a....
fill journal and ledger
Desoto Company must make three adjusting entries on December 31, 2019 a. Suppliles used, $9,400 (supplles totaling $14,800 were purchased on December 1, 2019, and debited to the Supplies account). b. Explred Insurance, $6,600; on December 1, 2019, the firm pald $39,600 for six months Insurance coverage In advance and deblted Prepald Insurance for this amount. c. Depreclation expense for equlpment, $4,200. Required Prepare the Journal entrles for these adjustments and post the entries to the...
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. rents equipment for the 12...
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. rents equipment for the 12 months, paying $14,400 cash in advance on August 1st, 2019 for the rental period of August 1st, 2019 – July 31, 2020. Record the journal entry for the original payment in advance on August 1st, 2019. Record the adjusting entry to recognize Rent Expense on December 31st, 2019. Assume Say Something uses an annual accounting period which ends on December 31st, 2019 and adjusting...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $9,800 (supplies totaling...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $9,800 (supplies totaling $15,600 were purchased on December 1, 2019, and debited to the Suppliesaccount). Expired insurance, $7,000; on December 1, 2019, the firm paid $42,000 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount. Depreciation expense for equipment, $4,600. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Prepare the adjusting entry for...
On December 31, 2019, Lincoln Inc. sold a used industrial crane for $660,000 cash. The original...
On December 31, 2019, Lincoln Inc. sold a used industrial crane for $660,000 cash. The original cost of the crane was $5.08 million and its accumulated depreciation equaled $4.24 million on December 31, 2019. The journal entry to record the sale of the equipment will include - credit to the Accumulated Depreciation account for $4.24 million. - gain on disposal of $180,000 - credit to the Equipment account of $840,000. l -loss on dispoal of $180,000
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
why the journal entry for january 31 is not
depreciation expense 200
accumulated depreciation 200
?
M4-10 Preparing Journal Entries for Deferral Transactions and Adjustments, continued b. Walker Window Washing paid $1,200 cash for supplies on December 31, 2018. As of January 31, 2019, $200 of these supplies had been used up. December 31, 2018: Supplies (+A) Cash (-A) 1,200 1,200 January 31, 2019 AJE: Supplies Expense (+E) Supplies (-A) 200 200
Depreciation on an office building is $12,600. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31 Accounts Payable Accumulated Depreciation Office Building Cash Depreciation Expense Office Building
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Adjusting Entries for Depreciation; Effect of Error On December 31, a business estimates depreciation on equipment used during the first year of operations to be $13.900. a. Journalize the adjusting entry required as of December 31. Dec. 31 b. If the adjusting entry in (a) were omitted, which items would be erroneously stated on the income statement for the year? Depreciation Expense Net Income If the adjusting entry in (a) were omitted, which items would be erroneously stated on the...
fill journal and ledger
Desoto Company must make three adjusting entries on December 31, 2019 a. Suppliles used, $9,400 (supplles totaling $14,800 were purchased on December 1, 2019, and debited to the Supplies account). b. Explred Insurance, $6,600; on December 1, 2019, the firm pald $39,600 for six months Insurance coverage In advance and deblted Prepald Insurance for this amount. c. Depreclation expense for equlpment, $4,200. Required Prepare the Journal entrles for these adjustments and post the entries to the...
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