Make journal entries for the following business transactions: 10/1/2019 – Purchased shelving units (furniture) for $27,000...
Make journal entries for the following business transactions:
10/1/2019 – Purchased shelving units (furniture) for $27,000 cash and video game platforms and televisions (equipment) for $10,000. These will be used in the store. The furniture have an estimated $800 salvage value and the equipment has no estimated salvage value. Estimated useful lives are as follows: Furniture = 4 years, Equipment = 6 years
10/2/2019 – Purchased copies of several different new video game titles to be held for sale. The video games cost a total of $1,378 ($26 for each game) and half of this was paid in cash and the other half was on credit
10/4/2019 – Returned 4 copies of a new video game title purchased on 10/2 to the manufacturer. This was an error in ordering.
Homework Answers
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Make journal entries for the following business
transactions:
10/1/2019 – Purchased shelving units (furniture) for $27,000...
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a...
The following transactions, adjusting entries, and
closing 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 $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...
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 January 1, Year 1, Fukisan purchased a new piece of equipment for specialized-furniture manufacturing at...
On January 1, Year 1, Fukisan purchased a new piece of
equipment for specialized-furniture manufacturing at a cost of
$300,000, inclusive of shipping and installation. At the time of
purchase, the equipment had an estimated useful life of 15 years
and an expected salvage value of $10,000 at the end of the 15
years.
For future budgeting purposes, Eric Anderson, CFO of Fukisan
Inc. has asked you to perform the depreciation expense calculations
for Year 2, Year 3, and Year...
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 $27,200, paying cash. Nov. 2. Paid garage $630 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...
On July 1, 2019, Cullumber Company purchased new equipment for $80,000. Its estimated useful life was...
On July 1, 2019, Cullumber Company purchased new equipment for $80,000. Its estimated useful life was 5 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. Calculate the revised annual depreciation
The following transactions and adjusting entries were completed by Legacy Furniture Co during a three year...
The following transactions and adjusting entries were completed by Legacy Furniture Co during a three year period wted to the use of delivery equipment. The double declining balance method of depreciation is Year 1 Jan 4 Nov 2 Dec 31 Purchased a used delivery truck for $29,200, paying cash. Pald garage $650 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year. The estimated sette of the track is four a sual value of 54,505 for...
Instrucions The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year...
Instrucions 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 $28,400, paying cash. Paid garage $710 for miscellaneous repairs to the truck Νov 2 Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with Dec. 31 a residual...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 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. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $
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. Al are related to the use of delivery equipment. The double declining balance method of depreciation is used. Year 1 Jan. 4. Nov. 2 Dec 31 Purchased a used delivery truck for $28,400, paying cash. Paid garage 5710 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year. The estimated useful fe of the truck is four year a residual...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000...
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. Compute the balance in Accumulated Depreciation—Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation—Equipment $___
The following transactions, adjusting entries, and
closing 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 $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...
On January 1, Year 1, Fukisan purchased a new piece of
equipment for specialized-furniture manufacturing at a cost of
$300,000, inclusive of shipping and installation. At the time of
purchase, the equipment had an estimated useful life of 15 years
and an expected salvage value of $10,000 at the end of the 15
years.
For future budgeting purposes, Eric Anderson, CFO of Fukisan
Inc. has asked you to perform the depreciation expense calculations
for Year 2, Year 3, and Year...
The following transactions and adjusting entries were completed by Legacy Furniture Co during a three year period wted to the use of delivery equipment. The double declining balance method of depreciation is Year 1 Jan 4 Nov 2 Dec 31 Purchased a used delivery truck for $29,200, paying cash. Pald garage $650 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year. The estimated sette of the track is four a sual value of 54,505 for...
Instrucions 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 $28,400, paying cash. Paid garage $710 for miscellaneous repairs to the truck Νov 2 Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with Dec. 31 a residual...
The following transactions and adjusting entries were completed by Legacy Furniture Co during a three-year period. Al are related to the use of delivery equipment. The double declining balance method of depreciation is used. Year 1 Jan. 4. Nov. 2 Dec 31 Purchased a used delivery truck for $28,400, paying cash. Paid garage 5710 for miscellaneous repairs to the truck Recorded depreciation on the truck for the year. The estimated useful fe of the truck is four year a residual...
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