Question

General journal entry options:

• No Journal Entry Required
• Accounts Payable
• Accounts Receivable
• Accumulated Amortization
• Accumulated Depreciation—Buildings
• Accumulated Depreciation—Equipment
• Accumulated Depreciation—Vehicles
• Accumulated Other Comprehensive Income
• Additional Paid-In Capital, Common Stock
• Additional Paid-In Capital, Preferred Stock
• Additional Paid-In Capital, Treasury Stock
• Advertising Expense
• Allowance for Doubtful Accounts
• Amortization Expense
• Bad Debt Expense
• Bonds Payable
• Building
• Cash
• Cash Equivalents
• Cash Overage
• Cash Shortage
• Charitable Contributions Payable
• Common Stock
• Copyrights
• Cost of Goods Sold
• Deferred Revenue
• Delivery Expense
• Depreciation Expense
• Discount on Bonds Payable
• Dividends
• Dividends Payable
• Donation Revenue
• Equipment
• FICA Payable
• Franchise Rights
• Gain on Bond Retirement
• Gain on Disposal
• Goodwill
• Impairment Loss
• Income Tax Expense
• Income Tax Payable
• Insurance Expense
• Interest Expense
• Interest Payable
• Interest Receivable
• Interest Revenue
• Inventories
• Inventory - Estimated Returns
• Land
• Legal Expense
• Licensing Rights
• Logo and Trademarks
• Loss on Bond Retirement
• Loss on Disposal
• Natural Resource Assets
• Notes Payable (long-term)
• Notes Payable (short-term)
• Notes Receivable (long-term)
• Notes Receivable (short-term)
• Office Expenses
• Other Current Assets
• Other Noncurrent Assets
• Other Noncurrent Liabilities
• Other Operating Expenses
• Other Revenue
• Patent
• Payroll Tax Expense
• Petty Cash
• Preferred Stock
• Premium on Bonds Payable
• Prepaid Advertising
• Prepaid Insurance
• Prepaid Rent
• Refund Liability
• Rent Expense
• Rent Revenue
• Repairs and Maintenance Expense
• Restricted Cash (long-term)
• Restricted Cash (short-term)
• Retained Earnings
• Salaries and Wages Expense
• Salaries and Wages Payable
• Sales Revenue
• Sales Tax Payable
• Service Revenue
• Short-term Investments
• Software
• Subscription Revenue
• Supplies
• Supplies Expense
• Travel Expense
• Treasury Stock
• Unemployment Tax Payable
• Utilities Expense
• Vehicle
• Withheld Income Taxes Payable

Required information The following information applies to the questions displayed below Precision Construction entered into the following transactions during a recent year January 2 Purchased a bulldozer for $288,eee by paying $39,ee0 cash and signing a $249,ee0 note due in five years anuary 3 Replaced the steel tracks on the bulldozer at a cost of $39,00e, purchased on account. The new steel tracks increase the bulldozer's operating efficiency January 30 Wrote a check for the amount owed on account for the work completed on January 3 February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,700 cost March 1 Paid $15,ee0 cash for the rights to use computer software for a two-year period 1-b. Prepare the journal entries for each of the above transactions 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $59,000 residual value 3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2 Complete this question by entering your answers in the tabs below Req 1B Req 2 Req 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 4 Purchased a bulldozer for $288,000 by paying $39,000 cash and signing a $249,000 note due in five years. Record the transaction Note: Enter debits before credits General Journal Debit Credit January 02 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below Req 2 Req 3 Req 1B Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Import a new list 1 Purchased a bulldozer for $288,000 by paying $39,000 cash and signing a $249,000 note due in five years Record the transaction ng a Replaced the steel tracks on the bulldozer at a cost of $39,000, purchased on account. Record the transaction 2 Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction 3 Credit Repaired the leather seat on the bulldozer and wrote a check for the full $2,700 cost. Record the transaction 4 Paid $15,000 cash for the rights to use computer software for a two-year period. Record the transaction 5 Note journal entry has been entered Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2 Req 3 Req 1B For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $59,000 residual value. (Do not round intermediate calculations.) Partial Year Depreciation-Equipment Amortization-Licensing Rights 〈 Req1B Req3 〉 Complete this question by entering your answers in the tabs below. Req 2 Req 3 Req 1B Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation and amortization expense on the bulldozer and computer software for the quarter ended March 31. Note: Enter debits before credits. Date Debit General Journal Credit March 31 Record entry Clear entry View general journal Req 2 Req 3

Answer 1

Date	Particulars	Debit	Credit
Jan-02	Equipment A/C	288000
	Cash A/C		39000
	Notes Payable A/C		249000
Jan-03	Equipment A/C	39000
	Notes Payable A/C		39000
Jan-30	Notes Payable A/C	39000
	Bank A/C		39000
Feb-01	Repair and Maintenance A/C	2700
	Bank A/C		2700
Mar-01	Software Assets A/C	15000
	Cash A/C		15000

Depreciation Schedule
Asset	Category	Useful Life	Book Value	Residual Value	Depriciable Value	SL Depreciation	Rate	Acclerate Rate	Year 1 Depreciation	Q1
Tangible Asset	Equipment	5	327000	59000	268000	53600	16.39%	32.78%	107200	26800
Intangible Asset	Software	2	15000	0	15000	6250	50%	NA	NA	625
						(for 10 months)

Date	Particulars	Debit	Credit
Mar-31	Accumlated Depreciation on Equipment A/C	26800
	Equipment A/C		26800
Mar-31	Amortization on Software A/C	625
	Software A/C		625