Depreciates its equipment at a rate of $7,000 per year. Depreciation expense has not been recorded...
Homework Answers
Depreciation is recorded at year end. Every year an amount equal to current years' depreciation is recorded in accumulated depreciation account. Also, the same amount is charged against the income of the current year. Required depreciation journal entry is:
Debit Depreciation Expense $7000
Credit Accumulated Depreciation $7000
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Depreciates its equipment at a rate of $7,000 per year.
Depreciation expense has not been recorded...
Please make a general journal entry for each question. 1. As of December 31, Green Thumb...
Please make a general journal entry for each question. 1. As of December 31, Green Thumb has not recorded any insurance expense for the new policy purchased for $18,000 for a three-year policy with coverage starting on 12/15/19. 2. Green Thumb depreciates its equipment at a rate of $7,000 per year. No depreciation expense has been recorded yet for 2019. 3. For the service revenue collected on December 15th, collected $3,000 for plant maintenance to be performed from 12/15/19 to...
2. HEMI paid $10,000,000 for equipment to crate its inventory for shipping. This amount has been...
2. HEMI paid $10,000,000 for equipment to crate its inventory for shipping. This amount has been recorded in the Equipment general ledger account. This equipment is expected to be useful for 500,000 crates at which point it will be taken to a recycling depot. In 2019, the equipment was used to create50,000 crates. Accountant wants you to recommend, with justification, the appropriate depreciation method for the equipment. Compute the depreciation expense for the year-ended December 31, 2019 showing your calculations. Provide...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
a. Depreciation on the company's wind turbine equipment for the year is $5.700. b. The Prepaid...
a. Depreciation on the company's wind turbine equipment for the year is $5.700. b. The Prepaid Insurance account for the solar panels had a $2,700 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid Insurance shows that $950 of unexpired Insurance coverage remains at year-end. c. The company received $5,100 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As...
On January 1, a company purchased equipment that cost $10,000. The company has not yet recorded...
On January 1, a company purchased equipment that cost $10,000.
The company has not yet recorded depreciation, which is estimated
at $1,800 per year. The company will prepare financial statements
at the end of January. Complete the necessary journal entry.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
1 Record the depreciation for the month of January. Hote: Enter debits before credits. Date General Journal Debit Credit Jan 31
a. Depreciation on the company's wind turbine equipment for the year is $5,600, b. The Prepaid...
a. Depreciation on the company's wind turbine equipment for the year is $5,600, b. The Prepaid Insurance account for the solar panels had a $2,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $900 of unexplred Insurance coverage remains at year-end. c. The company received $4,800 cash in advance for sustainability consulting work. As of December 31, one third of the sustainability consulting work had been performed. d....
please explain how you get depreciation expense and accumulated depreciation Beaver Construction purchases new equipment for...
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Description Date Debit...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Credit Debit Date...
December salary for year 2015 were calculated to be $20,000 but have not yet been recorded...
December salary for year 2015 were calculated to be $20,000 but
have not yet been recorded
December consulting work of $40,000 were performed but have not
yet been recorded
Show the journal entries needed for the items
above.
Debit Credit 1,300 2,200 6,000 200 100 215,000 32,000 650 Cash Accounts Receivables Inventory Office supplies Prepaid insurance Equipment Accumulated depreciation Land Accounts Payable Income tax Payable Notes payable Retained earnings Sales revenue Cost of Sales Salaries, General and Admin Insurance expense...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
a. Depreciation on the company's wind turbine equipment for the year is $5.700. b. The Prepaid Insurance account for the solar panels had a $2,700 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid Insurance shows that $950 of unexpired Insurance coverage remains at year-end. c. The company received $5,100 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As...
On January 1, a company purchased equipment that cost $10,000.
The company has not yet recorded depreciation, which is estimated
at $1,800 per year. The company will prepare financial statements
at the end of January. Complete the necessary journal entry.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
1 Record the depreciation for the month of January. Hote: Enter debits before credits. Date General Journal Debit Credit Jan 31
a. Depreciation on the company's wind turbine equipment for the year is $5,600, b. The Prepaid Insurance account for the solar panels had a $2,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $900 of unexplred Insurance coverage remains at year-end. c. The company received $4,800 cash in advance for sustainability consulting work. As of December 31, one third of the sustainability consulting work had been performed. d....
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Description Date Debit...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Credit Debit Date...
December salary for year 2015 were calculated to be $20,000 but
have not yet been recorded
December consulting work of $40,000 were performed but have not
yet been recorded
Show the journal entries needed for the items
above.
Debit Credit 1,300 2,200 6,000 200 100 215,000 32,000 650 Cash Accounts Receivables Inventory Office supplies Prepaid insurance Equipment Accumulated depreciation Land Accounts Payable Income tax Payable Notes payable Retained earnings Sales revenue Cost of Sales Salaries, General and Admin Insurance expense...
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