Adjusting journal entry: The vehicle that was contributed has a useful life of 5 years with a $2,000 salvage value. The...
Adjusting journal entry:
The vehicle that was contributed has a useful life of 5 years with a $2,000 salvage value. The company has decided to use the double declining balance method for depreciating these assets. The company treats all assets contributed or purchased during the month as being placed in service on the first day of the month for depreciation purposes.
Vehicle cost: 28,000
Original journal entry:
To record owner investment of cash and vehicle in exchange for common stock 101 · Debit Cash 28,000.00
To record owner investment of cash and vehicle in exchange for common stock 153 · Debit Office technology equipment 8,200.00
To record owner investment of cash and vehicle in exchange for common stock 163 · Debit Vehicles 28,000.00
To record owner investment of cash and vehicle in exchange for
common stock 305 · Credit Common stock 64,200.00
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Vehicle | 28000 | ||
| Common Stock | 28000 | ||
So answer is c) To record owner investment of cash and vehicle in exchange for common stock 163 · Debit Vehicles 28,000.00
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Adjusting journal entry: The vehicle that was contributed has a useful life of 5 years with a $2,000 salvage value. The...
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b)Credit Noncontrolling Interest in Equity
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Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
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1) The journal entry to record the net income reported
by S Co. in the books of P Co. will include: *
a) Credit Equity in Subsidiary Income $400,000
b) Credit Equity in Subsidiary Income $320,000
c) Credit Investment in S Co. $400,000
d) Credit Investment in S Co. $320,000
2)The eliminating entries required to prepare consolidated
financial statements on Dec 31, 2019 will include: *
a)Credit Noncontrolling Interest in Equity $300,000
b)Credit Noncontrolling Interest in Equity
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construction equipment for $702,700, with a useful life of six
years and estimated salvage value of $94,000. The company uses the
straight-line method of depreciation. On July 3, 2019, this
equipment was traded for new similar construction equipment that
has a value of $800,000. The company paid $588,000 cash and was
given a trade-in allowance of $212,000 for the old equipment.
2. Assume the same facts as stated above, except that...
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No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
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