Record the Adjusting entry in the general journal
Homework Answers
Cost of building = 56000 + 2000 + 4000
= $62000
Depreciation = (cost - residual value)/useful life
= (62000 - 2000)/25
= 60000/25
= $2400
Adjusting Journal entry:
| Dec. 31 | Depreciation expense | $2400 | |
| Building | $2400 | ||
| (To record depreciation expense) |
Add Answer to:
Record the Adjusting entry in the general journal Dec. 1 Purchased a building for $56,000. Paid...
I need help recording the following adjusting entries in the General Journal. Adjusting journal Entries. Adj-1...
I need help recording the
following adjusting entries in the General Journal.
Adjusting journal Entries.
Adj-1
Dec. 31
The company has $1,800 of supplies left at month end.
Adj-2
Dec. 31
Record the portion of the Prepaid Insurance used in
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Adj-3
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Adj-4
Dec. 31
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Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal. Trans. Date Dec. 1 Dec. 1 Description Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December payment = 16,500 Purchased a building for $56,000. Paid $2,000 in attorney fees, $4,000 in remodeling costs to get the building...
record only the adjusted entries (the second page) using information from the first page (trans. 1-19)...
record only the adjusted entries (the second page) using
information from the first page (trans. 1-19)
Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal Trans. Date Dec. 1 2 Dec. 1 Dec. 1 Dec. 1 Description Borrow $115.000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December...
record the following transactions on a general journal. Given: -customers are charged $87 per hour for...
record the following transactions on a general journal.
Given:
-customers are charged $87 per hour for services
rendered
-customers are charged $75 for each unit
purchased
-inventory can be purchased for $36 per unit
Trans. Description Date Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December payment = 16,500 Purchased a building...
2nd Journal entry: Record the adjusting entry for situation a. 3rd Journal entry: Record the entry...
2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. a....
- record the general journal entrys recorded transaction 10: the hourly servive rate os $87 per...
- record the general journal entrys recorded
transaction 10: the hourly servive rate os $87 per hour
customers are charged $75 for each unit purchased.
inventory can be purchased for $36 per unit
Trans. Date Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Description Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building...
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Someone, please help. Sales Price of Retail Product Customers are charged $75 for each unit purchased...
Someone, please help. Sales Price of Retail Product Customers are charged $75 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $36 per unit Price for Services Provided Customers are charged $87 per hour for services rendered Record the following transactions in the General Journal. Trans. Date Description 1 Dec. 1 Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The...
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ACCT 101a Chapter 3 - Adjusting entries In the General Journal, record adjusting journal entries for the following items for Sunny Inc. at December 31, 2018. 1. On January 2, 2018 Sunny Inc. accepted a $17,500 deposit from a client for design work to be completed during the year. On December 31, 2018 all the design work for the client is complete. 2. On December 31, 2018 the bill for gas was received but not yet paid. Amount is $375....
Someone, please help. I do not understand how to do the perpetual method for numbers 8,13 and 15 Sales Price of Reta...
Someone, please help. I do not understand how to do the perpetual method for numbers 8,13 and 15 Sales Price of Retail Product Customers are charged $75 for each unit purchased Cost of Inventory for Products Purchased Inventory can be purchased for $36 per unit Price for Services Provided Customers are charged $87 per hour for services rendered Record the following transactions in the General Journal. ONLY NEED 8,13, AND 15 Trans. Date Description 1 Dec. 1 Borrow $115,000 from...
I need help recording the
following adjusting entries in the General Journal.
Adjusting journal Entries.
Adj-1
Dec. 31
The company has $1,800 of supplies left at month end.
Adj-2
Dec. 31
Record the portion of the Prepaid Insurance used in
December.
Adj-3
Dec. 31
Record one month of depreciation for the building purchased on
December 1st.
Adj-4
Dec. 31
Employees earned $1,200 in salaries the last week in December
that will be paid on January 10th of next year.
Adj-5...
Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal. Trans. Date Dec. 1 Dec. 1 Description Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December payment = 16,500 Purchased a building for $56,000. Paid $2,000 in attorney fees, $4,000 in remodeling costs to get the building...
record only the adjusted entries (the second page) using
information from the first page (trans. 1-19)
Part 2 - General Journal (LO3-2) - Record the following transactions in the General Journal Trans. Date Dec. 1 2 Dec. 1 Dec. 1 Dec. 1 Description Borrow $115.000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December...
record the following transactions on a general journal.
Given:
-customers are charged $87 per hour for services
rendered
-customers are charged $75 for each unit
purchased
-inventory can be purchased for $36 per unit
Trans. Description Date Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion of Note at year end after December payment = 16,500 Purchased a building...
2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. a....
- record the general journal entrys recorded
transaction 10: the hourly servive rate os $87 per hour
customers are charged $75 for each unit purchased.
inventory can be purchased for $36 per unit
Trans. Date Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Description Borrow $115,000 from the local bank and signed a six-year installment note with payments of $1,905 at the end of each month. The annual interest rate is 6%. Current portion...
On January 1, Mitzu Co. pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $708,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $413,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,829,000. The company...
ACCT 101a Chapter 3 - Adjusting entries In the General Journal, record adjusting journal entries for the following items for Sunny Inc. at December 31, 2018. 1. On January 2, 2018 Sunny Inc. accepted a $17,500 deposit from a client for design work to be completed during the year. On December 31, 2018 all the design work for the client is complete. 2. On December 31, 2018 the bill for gas was received but not yet paid. Amount is $375....
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