Homework Answers
Marigold Company
Journal Entry
Particulars Debit Credit Depreciation Expense 500 Accumulated Depreciation 500Working Notes:
As the equipment was purshased on Dec. 1 and the books were closed on Dec.31, effective use of the equipment by the Marigold Company is for one month in the relevant financial year.
Depreciation Expense = $6000 × 1/12 = $500
Journal Entry for Depreciation is to debit Depreciation Expense and credit Accumulated Depreciation.
Depreciation Expense will be shown on the Income Statement and Accumulated Depreciation will be disclosed in the Balance Sheet
Add Answer to:
CUMCIL Amp 33 Marigold Company purchased equipment for $24000 on December 1. It is estimated that...
Wildhorse Co. purchased equipment for $16200 on December 1. It is estimated that annual depreciation on...
Wildhorse Co. purchased equipment for $16200 on December 1. It is estimated that annual depreciation on the computer will be $3240. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O debit Equipment $16200; credit Accumulated Depreciation, $16200. O debit Depreciation Expense, $12960; credit Accumulated Depreciation, $12960. debit Depreciation Expense, $3240; credit Accumulated Depreciation, $3240. O debit Depreciation Expense, $270; credit Accumulated Depreciation, $270.
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...
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...
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...
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...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 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,...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a 58,000 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...
18-20 18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount....
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $1...
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 100 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 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,...
Wildhorse Co. purchased equipment for $16200 on December 1. It is estimated that annual depreciation on the computer will be $3240. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O debit Equipment $16200; credit Accumulated Depreciation, $16200. O debit Depreciation Expense, $12960; credit Accumulated Depreciation, $12960. debit Depreciation Expense, $3240; credit Accumulated Depreciation, $3240. O debit Depreciation Expense, $270; credit Accumulated Depreciation, $270.
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...
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...
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...
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...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 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,...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a 58,000 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...
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 100 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 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,...
Most questions answered within 3 hours.
-
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 20 minutes ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 24 minutes ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 25 minutes ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 52 minutes ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 47 minutes ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 1 hour ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 50 minutes ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 52 minutes ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 1 hour ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 1 hour ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 1 hour ago -
Customers arrive randomly at a gas station at the average rate
of 30 per hour, while...
asked 1 hour ago