Chen and Sons uses straight-line depreciation and all fixed assets were purchased at the beginning of...
Chen and Sons uses straight-line depreciation and all fixed assets were purchased at the beginning of 2014 and have a 6 year useful life. No depreciation entries have been recorded in 2019. Please provide the adjusting journal entries
Unadjusted Trial Balances at the end of 2019
|
Chen and Sons |
Unadjusted Trial Balance |
|
|
31-Dec |
2019 |
|
|
debit |
credit |
|
|
Cash |
24,205,000 |
|
|
Accounts Receivable |
12,000,000 |
|
|
Allowance for Bad debt |
20,000 |
|
|
Inventory |
12,500,000 |
|
|
Purchases |
91,740,000 |
|
|
Construction in Progress Inventory |
22,250,000 |
|
|
Billings on Contract |
19,000,000 |
|
|
PP&E |
48,000,000 |
|
|
Accum Depr |
40,000,000 |
|
|
Assets held for sale |
1,500,000 |
|
|
Accounts Payable |
18,000,000 |
|
|
Common Stock |
1,500,000 |
|
|
Retained Earnings |
33,280,000 |
|
|
Sales |
150,000,000 |
|
|
Sales Returns |
105,000 |
|
|
Ninja Revenue |
2,500,000 |
|
|
SafetyFirst Revenue |
5,000,000 |
|
|
Cost of Ninja |
2,250,000 |
|
|
Cost of Software-SafetyFirst |
3,000,000 |
|
|
General and Admin |
51,750,000 |
|
|
TOTAL |
269,300,000 |
269,300,000 |
Homework Answers
PP&E = 4800,000
Life = 6 years
Depreciation per year = 4800,000/6 = 800,000
Adjusted journal entry:
Depreciation A/c Dr. 800,000
To Accumulated Depreciation A/c 800,000.
In trial balance, depreciation will be on debit side with 800,000 and Accumulated Depreciation will be increased by 800,000.
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