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Jan 2 Supplies 4320 Cash 4320 Apr. 1 Vehicles 41800 5200 Cash 36600 Bank Loan Payable...
1. 2. On January 2, purchased supplies for $4,320 cash. A physical count at December 31...
1. 2. On January 2, purchased supplies for $4,320 cash. A physical count at December 31 revealed that $730 of supplies were still on hand. Purchased a vehicle for $41,800 on April 1, paying $5,200 cash and signing a $36,600 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interestof 3%. Purchased a $3,780, one-year insurance policy for cash on August...
For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December...
For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Insurance Expense 14,000 Prepaid Insurance 14,000 Dec. 31 7,000 7,000
shown below are the t-accounts relating to equipment that was purchased for cash by a company...
shown below are the t-accounts relating to equipment that was
purchased for cash by a company on the first day of the current
year. The equipment was depreciated on a straight-line basis with
an estimated useful life of 10 years and a salvage value of $90.
Part of the equipment was sold on the last day of the current year
for cash proceeds.
Cash Jan. 1 (a) 446 Dec. 31 Equipment Jan. 1 1,150 Dec. 31 426 Accumulated Depreciation-Equipment Dec....
On July 1, 2022. Oriole Company pays $14,000 to Carla Vista Co.for a 1-year insurance contract....
On July 1, 2022. Oriole Company pays $14,000 to Carla Vista Co.for a 1-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do...
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr....
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,00...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 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 Entry" for...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost $10,620,000 Accumulated depreciation to date 1,180,000 Expected future net cash flows 8,260,000 Fair value 5,664,000 Assume that Wildhorse will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
1. 2. On January 2, purchased supplies for $4,320 cash. A physical count at December 31 revealed that $730 of supplies were still on hand. Purchased a vehicle for $41,800 on April 1, paying $5,200 cash and signing a $36,600 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interestof 3%. Purchased a $3,780, one-year insurance policy for cash on August...
For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Insurance Expense 14,000 Prepaid Insurance 14,000 Dec. 31 7,000 7,000
shown below are the t-accounts relating to equipment that was
purchased for cash by a company on the first day of the current
year. The equipment was depreciated on a straight-line basis with
an estimated useful life of 10 years and a salvage value of $90.
Part of the equipment was sold on the last day of the current year
for cash proceeds.
Cash Jan. 1 (a) 446 Dec. 31 Equipment Jan. 1 1,150 Dec. 31 426 Accumulated Depreciation-Equipment Dec....
On July 1, 2022. Oriole Company pays $14,000 to Carla Vista Co.for a 1-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do...
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 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 Entry" for...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost $10,620,000 Accumulated depreciation to date 1,180,000 Expected future net cash flows 8,260,000 Fair value 5,664,000 Assume that Wildhorse will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
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