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JPJones Trial Balance December 1, 2018 Acct Description DR CR 100 Cash                405,653 101 Accounts...

JPJones
Trial Balance
December 1, 2018
Acct Description DR CR
100 Cash                405,653
101 Accounts Receivable                615,000
102 Allowance for Doubtful Accounts                                    4,600
103 Marketable Securities                  18,000
104 Inventory                100,000
105 Prepaid Rent                  40,600
106 Prepaid Insurance                  38,500
107 Supplies                    3,600
125 Equipment                150,000
126 Accumulated Depreciation Equipment                                 37,500
127 Truck                  56,500
128 Accumulated Depreciation Truck                                 15,875
130 Land                  35,000
175 Patents                  75,000
201 Accounts Payable                               183,300

Record the following adjusting entries in general journal form as of December 31, 2018:

  1. Supplies on hand at the end of the year: $450
  2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 8 year life, no salvage value and company uses double-declining balance method for its depreciation.
  3. Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued at $50,000 which was purchased on 1/1/17. The new truck has a 9-year life, no salvage value and the company uses the sum-of-the-years digits for its depreciation method on this asset.
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Answer #1
Date Title Debit Credit
a Supplies expenses ($3,600-$450) $    3,150
Supplies $    3,150
b Depreciation expense ($150,000-$37,500)/8*2) $ 28,125
Accumulated depreciation - Equipment $ 28,125
c Depreciation expense ($50,000/45*9) $ 10,000
Accumulated depreciation - Truck $ 10,000

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