Homework Answers
| Date | General Journal | Debit | Credit |
| Dec 29 | Cash | 2,000 | |
| Accumulated Depreciation - Delivery van | 18,000 | ||
| Delivery van | 20,000 |
(to record the sale of delivery van)
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Required information Knowledge Check 01 On December 29, 2019, Patel Products, Inc, sells a delivery van...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary Journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction list Journal entry worksheet On December 29,...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20.000. The equipmen...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20.000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2.000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the acccount names from the drop- down menus and entering the dollar amounts in the debit or credit columns.
Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company...
Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000 Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit of credit columns View transaction list Journal entry worksheet 1 > On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with...
Required information Knowledge Check 01 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with...
Required information Knowledge Check 01 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjustin entries at the end of each year on December 31 Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amou in the debitor credit columns View transaction list Journal entry worksheet < On January 5, Bamaby, Inc., purchased a patent costing $100,000 with a...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
Knowledge Check 01 On August 4. Armstrong Trucking, Inc. paid $4.500 to replace the engine in...
Knowledge Check 01 On August 4. Armstrong Trucking, Inc. paid $4.500 to replace the engine in one of its trucks Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet 1 On August 4, Armstrong Trucking, Inc., paid $4,500 to replace the engine in one of its trucks. Note: Enter debits before credits General Journal Debit Credit Date Aug 4...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000. Using the stralght-line method, the amount of depreciation that should be recorded during year 1, is approximately Knowledge Check 01 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery....
The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. 2018 January 2 Paid $174,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,400. July 1 Paid $39,000 cash to purchase a delivery van. The van has an estimated useful...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary Journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction list Journal entry worksheet On December 29,...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20.000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2.000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the acccount names from the drop- down menus and entering the dollar amounts in the debit or credit columns.
Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000 Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit of credit columns View transaction list Journal entry worksheet 1 > On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with...
Required information Knowledge Check 01 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjustin entries at the end of each year on December 31 Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amou in the debitor credit columns View transaction list Journal entry worksheet < On January 5, Bamaby, Inc., purchased a patent costing $100,000 with a...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
Knowledge Check 01 On August 4. Armstrong Trucking, Inc. paid $4.500 to replace the engine in one of its trucks Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet 1 On August 4, Armstrong Trucking, Inc., paid $4,500 to replace the engine in one of its trucks. Note: Enter debits before credits General Journal Debit Credit Date Aug 4...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000. Using the stralght-line method, the amount of depreciation that should be recorded during year 1, is approximately Knowledge Check 01 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. 2018 January 2 Paid $174,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,400. July 1 Paid $39,000 cash to purchase a delivery van. The van has an estimated useful...
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