Question

I included an example of how the problem should look for a different type of account. Please answer all 3.

Adjusting Accounts - Depreciation Directions 1) Prepare adjusting journal entries for the below transactions 2) Post the journal entries to ledger accounts 3) Calculate the ending ledger balance Problem 7 July 1. ABC Company paid $1,500,000 for a building. The building will be depreciated over a 25-year period using straight line depreciation. The building has a salvage value or $200,000. Prepare the adjusting journal for July 31st. Date Debit Accounts Credit Problems Mar 1, ABC Company paid $100,000 for factory equipment. The equipment will be depreciated over a 10-year period using straight line depreciation. The equipment has a salvage value of $25.000. Prepare the adjusting Journal for Mar 31st. Date Accounts Debit Credit Problem 9 Jan 1, XYZ Company paid $500,000 for factory equipment. The equipment will be depreciated over a 10-year period using straight line depreciation. The equipment has a salvage value of $50.000. Prepare the adjusting journal for Dec 31st Date Accounts Debit Credit

Answer 1

problem 67
	Date	Accounts				Debit	Credit
	31-Jul	Depreciation expense				4333
		Accumulated depreciation-building					4333
		(to record adjusting journal entry for depreciation expense)
		(1,500,000-200,000)/25*1/12
		General ledger Accounts (T- accounts)
					Depreciation expense
					Dr +	Cr-
					4333
					4333
					Accumulated depreciation-building
					Dr-	Cr+
						4,333
						4,333
problem 68
	Date	Accounts				Debit	Credit
	31-Mar	Depreciation expense				625
		Accumulated depreciation-Equipment					625
		(to record adjusting journal entry for depreciation expense)
		(100,000-25,000)/10*1/12
		General ledger Accounts (T- accounts)
					Depreciation expense
					Dr +	Cr-
					625
					625
					Accumulated depreciation-Equipment
					Dr-	Cr+
						625
						625
problem 69
	Date	Accounts				Debit	Credit
	31-Dec	Depreciation expense				45000
		Accumulated depreciation-Equipment					45000
		(to record adjusting journal entry for depreciation expense)
		(500,000-50000)/10
		General ledger Accounts (T- accounts)
					Depreciation expense
					Dr +	Cr-
					45000
					45000
					Accumulated depreciation-Equipment
					Dr-	Cr+
						45,000
						45,000