Homework Answers
Depreciation in the year 1 = $3,240 / 12 = $270
The answer is Debit depreciation expense, $270; credit accumulated depreciation, $270.
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Wildhorse Co. purchased equipment for $16200 on December 1. It is estimated that annual depreciation on...
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.
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...
1 & II (ACCT 350/351) Question 36 CALCULATOR « BACK NEET Vaughn Manufacturing purchased equipment for...
1 & II (ACCT 350/351) Question 36 CALCULATOR « BACK NEET Vaughn Manufacturing purchased equipment for $15300 on December 1. It is estimated that annual depreciation on the computer will be $3050. 1 financial statements are to be prepared on December 31, the company should make the following adjusting entry: debit Depreciation Expense, $255; credit Accumulated Depreciation, $255. debit Equipment, $15300; credit Accumulated Depreciation, $15300. debit Depreciation Expense, $12240; credit Accumulated Depreciation, $12240. O debit Depreciation Expense, $3060; credit Accumulated...
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...
Need Help on C! On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its...
Need Help on C!
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its estimated useful life was 8 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. ✓ 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....
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,00...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 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 is required, select "No Entry" for...
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000.
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its estimated useful life was 8 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. Compute the revised annual depreciation on December 31, 2022. Compute the balance in Accumulated Depreciation Equipment for this equipment after depreciation expense has been recorded on...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 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. 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,...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. 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 is required, select "No Entry" for...
Please choose the correct answer and explain it. 3. Andrew Autobody purchased a car jack for...
Please choose the correct answer and explain it.
3. Andrew Autobody purchased a car jack for $15,000 on July 1. The estimated useful life of the car jack is 5 years. If the financial statements are prepared on December 31, Andrew should make the following adjusting journal entry: (a) debit Depreciation Expense, $1,500, credit Accumulated Depreciation, $1,500. (b) debit Depreciation Expense, $15,000, credit Accumulated Depreciation, $15,000. (c) debit Depreciation Expense, $3,000, credit Accumulated Depreciation, $3,000. (d) debit Machinery, $1,500, credit...
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.
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...
1 & II (ACCT 350/351) Question 36 CALCULATOR « BACK NEET Vaughn Manufacturing purchased equipment for $15300 on December 1. It is estimated that annual depreciation on the computer will be $3050. 1 financial statements are to be prepared on December 31, the company should make the following adjusting entry: debit Depreciation Expense, $255; credit Accumulated Depreciation, $255. debit Equipment, $15300; credit Accumulated Depreciation, $15300. debit Depreciation Expense, $12240; credit Accumulated Depreciation, $12240. O debit Depreciation Expense, $3060; credit Accumulated...
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...
Need Help on C!
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its estimated useful life was 8 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. ✓ 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....
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 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 is required, select "No Entry" for...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 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. 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,...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. 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 is required, select "No Entry" for...
Please choose the correct answer and explain it.
3. Andrew Autobody purchased a car jack for $15,000 on July 1. The estimated useful life of the car jack is 5 years. If the financial statements are prepared on December 31, Andrew should make the following adjusting journal entry: (a) debit Depreciation Expense, $1,500, credit Accumulated Depreciation, $1,500. (b) debit Depreciation Expense, $15,000, credit Accumulated Depreciation, $15,000. (c) debit Depreciation Expense, $3,000, credit Accumulated Depreciation, $3,000. (d) debit Machinery, $1,500, credit...
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