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The estimated amount of depreciation on equipment for the current year is $10,700. Journalize the adjusting...
The estimated amount of depreciation on equipment for the current year is $7,700.
The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.
The balance in the uneamed toes account, before adjustment at the end of the yoor, is...
The balance in the uneamed toes account, before adjustment at the end of the yoor, is $95,500. Of those foos, $82,780 have been earned. In addition, $32,840 of fees have been earned but have not been billed. Journace the December 31 adjusting entries (a) to adjust the neared foes account and (b) to record the accrued foes. Refer to the Chart of Accounts for exact wording of account tres (a) Journaalre the December 31 adjusting entry to adjust the uneared...
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used.
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used.Year 1Jan. 4.Purchased a used delivery truck for $29,200, paying cash.Nov. 2.Paid garage $650 for miscellaneous repairs to the truck.Dec. 31.Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $4,505 for the truck.Year 2Jan. 6.Purchased a new truck for $49,900, paying...
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4. Purchased a used delivery truck for $27,680, paying cash. Nov. 2. Paid garage $725 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value...
Equipment acquired on January 8 at a cost of $100,870, has an estimated useful life of 12 years, has an estimated resid...
Equipment acquired on January 8 at a cost of $100,870, has an estimated useful life of 12 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for $61,657, journalize the entries to record (1) depreciation for the three months until the sale...
For a business that uses the allowance method of accounting for uncollectible receivables: Required: a. Journalize...
For a business that uses the allowance method of accounting for uncollectible receivables: Required: a. Journalize the entries to record the following: 1. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000.* 2. In March of the next...
On June 30 (the end of the period), Brown Company has a credit balance of $2,100 in Allowance for...
On June 30 (the end of the period), Brown Company has a credit balance of $2,100 in Allowance for Doubtful Accounts. An evaluation of accounts receivable indicates that the proper balance should be $31,265. Required: Journalize the appropriate adjusting entry. Refer to the Chart of Accounts for exact wording of account titles. Journalize the appropriate adjusting entry on June 30. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST....
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting...
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290 . The uneamed rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months rent from tenants .Wages accrued but not paid at March 31 are $2,290 . Fees accrued but unbilled...
х Instructions Equipment acquired on January 8 at a cost of $142,430 has an estimated useful...
х Instructions Equipment acquired on January 8 at a cost of $142,430 has an estimated useful life of 16 years, has an estimated residual value of $7,550, and is depreciated by the straight-line method a. What was the book value of the equipment at December 31 the end of the fifth year? b. Assuming that the equipment was sold on April 1 of the sixth year for $93,142, journalize the entries to record (1) depreciation for the three months until...
For a business that uses the allowance method of accounting for uncollectible receivables: Required: (a) Journalize t...
For a business that uses the allowance method of accounting for uncollectible receivables: Required: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000.* (2) In March of the next...
The balance in the uneamed toes account, before adjustment at the end of the yoor, is $95,500. Of those foos, $82,780 have been earned. In addition, $32,840 of fees have been earned but have not been billed. Journace the December 31 adjusting entries (a) to adjust the neared foes account and (b) to record the accrued foes. Refer to the Chart of Accounts for exact wording of account tres (a) Journaalre the December 31 adjusting entry to adjust the uneared...
Equipment acquired on January 8 at a cost of $100,870, has an estimated useful life of 12 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for $61,657, journalize the entries to record (1) depreciation for the three months until the sale...
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290 . The uneamed rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months rent from tenants .Wages accrued but not paid at March 31 are $2,290 . Fees accrued but unbilled...
х Instructions Equipment acquired on January 8 at a cost of $142,430 has an estimated useful life of 16 years, has an estimated residual value of $7,550, and is depreciated by the straight-line method a. What was the book value of the equipment at December 31 the end of the fifth year? b. Assuming that the equipment was sold on April 1 of the sixth year for $93,142, journalize the entries to record (1) depreciation for the three months until...
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