USKisel imancist Accounting, SeHolo etert AmouncementsCALCUEATORER coef Exendise 9-8els office equipment on July 31, 2017, for $20,340 cash. The office equiprnent originally cost $79,190 and as of January 1, 2017, had accumulated depreciation of $38,580. Depreciation fr the fre$4,080t entres to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent nanuar nreired sefect No Entry for the account titles and enter 0 for the amounts.)No Account Titles and ExplanationDebitCreditClick if you would like to Show Work for this question:Open Show WorkSHOW LIST OF ACCOUNTSLIN TO TEXTINTERACTIVE TUTORIALQuestion Attempts: 0 of 3 usedSAVE FOR LATERSUBHIT ANSW Kimmel, Financial Accounting, 8eHelp I System Announcementsef Exercise 9-8horse Co. sells office equipment on July 31, 2017, for $20,340 cash. The office equipment originally cost $79,190 and as of January 1, 2017, had accumulated depreB0.are the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically indented-Fred, select "No Entry" for the account titles and enter 0 for the amounts.)ccount Titles and ExplanationDebitCreditou would like to Show Work for this question: Open Show WorkST OF ACCOUNTSEXTINTERACTIVE TUTORIALQue

PLEASE GIVE A LIKE, your response matters (a) Depreciation expense $4,000…

Diel Exe tioe eouipment on July 31, 2017, for $20,340 cash. The office equipment originally cost $79,190 and as of January 1, 2017, had accumulated depreciation of $38,580. Depreciation for the fet the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do pattt ir sedct "No Entry for the accoumt titles and enter 0 for the amounts.) No Accont Titles and Explanation Debit Credit ck if you would like to Show Work for this question: Open Show Work

Diel Exe tioe eouipment on July 31, 2017, for $20,340 cash. The office equipment originally cost $79,190 and as of January 1, 2017, had accumulated depreciation of $38,580. Depreciation for the fet the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do pattt ir sedct "No Entry for the accoumt titles and enter 0 for the amounts.) No Accont Titles and Explanation Debit Credit ck if you would like to Show Work for this question: Open Show Work

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business owned by Linda Palermo, is shown on page 557. Year-end adjustment information is provided below. (a and b)Merchandise inventory costing 24,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year; 2,100. (d)Unexpired insurance on December 31, 2,600. (e)Depreciation expense on the building foe 20--, 5,300. (f)Depreciation expense on the store equipment for 20--, 3,800. (g)Unearned decorating revenue as of December 31, 1,650. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in a general journal.
Wildhorse Co. sells office equipment on July 31, 2022, for $23,790 cash. The office equipment originally cost $81,100 and as of January 1, 2022, had accumulated depreciation of $40,350. Depreciation for the first 7 months of 2022 is $3,700.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) Enter an account title to update depreciation to July 31 Enter a debit amount Enter a credit amount enter an account title to update depreciation to July 31 Enter a debit amount Enter a credit amount (b) Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount Enter an account title to record the sale of…
ACCOUNTS PAYABLE 14,500.00ACCOUNTS RECEIVABLE 7,500.00CAPITAL STOCK 20,000.00CASH 21,000.00CONSULTING REVENUE 18,000.00OFFICE EQUIPMENT 13,000.00OFFICE SUPPLIES 500.00RENT EXPENSE 9,000.00UTILITIES EXPENSE 1,500.00Above is a list of balances for Iron Works Construction as at 31st December 2021 .The following additional information was provided :1. Depreciation Charge on Office Equipment is $2,0002. All Office Supplies were used during the period.3. Rent Expense includes $1000 for January 20224. $200 was still owing on Utilities Expense Prepare the adjusted Trial Balance as at31st December ,2021
On December 1, 2022, Crane Company had the account balances shown below.Debit CreditCash $5,500 Accumulated Depreciation—Equipment $1,500Accounts Receivable 4,200 Accounts Payable 3,600Inventory 2,400 * Owner’s Capital 27,000Equipment 20,000$32,100 $32,100*(4,000 x $0.60)The following transactions occurred during December:Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the$0.60 units and 600 of the $0.74.)7 Granted the December 5 customer $201 credit for 200 units of inventory returnedcosting $134. These units were returned to inventory.17 Purchased 2,200 units of inventory for cash at $0.80 each.22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the$0.74 units.
On December 1, 2022, Crane Company had the account balances shown below.Debit CreditCash $5,500 Accumulated Depreciation—Equipment $1,500Accounts Receivable 4,200 Accounts Payable 3,600Inventory 2,400 * Owner’s Capital 27,000Equipment 20,000$32,100 $32,100*(4,000 x $0.60)The following transactions occurred during December:Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the$0.60 units and 600 of the $0.74.)7 Granted the December 5 customer $201 credit for 200 units of inventory returnedcosting $134. These units were returned to inventory.17 Purchased 2,200 units of inventory for cash at $0.80 each.22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the$0.74 units. question a) Enter the December 1 balances in the ledger T-accounts and post the December transactions.(Post entriesin the order of journal entries presented above.)CashDec. 1…
Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 125000Accumulated Depreciation-Equipment….…. 37000Additional Paid in Capital-Common Stock.. 237000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 407000Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 180530Common Stock ($2 each)…. …. …. …. …. ….. 105000Cost of Goods Sold …. …. …. …. ….. …. ….… 1087000Equipment …. …. …. …. …. …. ….. ….. ….. ….. 219000Interest Expense …. …. …. …. …. …. ….. ….. …. 21600Loss on Sale of Property …. …. …. …. …. …. 7520Merchandise Inventory …. …. ……. …. …. …. 226000Mortgage Loan …. …. …. …. …. …… …. …. …. 116000Rent Revenue …. …. …. …. …. …. … …. …. …. 52000Retained Earnings …. …. …. …. …… …. …. …. 51900Salaries and Wages Expense …. …. …. …. …. 106000Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1754000Sales Returns…
Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.Accounts …… …… …… …… …… …… …… Balances ($)Accumulated Depreciation-Building…. …… 124000Accumulated Depreciation-Equipment….…. 35000Additional Paid in Capital-Common Stock.. 237000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 203000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 408000Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 189120Common Stock ($2 each)…. …. …. …. …. ….. 122000Cost of Goods Sold …. …. …. …. ….. …. ….… 1083000Equipment …. …. …. …. …. …. ….. ….. ….. ….. 219000Interest Expense …. …. …. …. …. …. ….. ….. …. 21500Loss on Sale of Property …. …. …. …. …. …. 7680Merchandise Inventory …. …. ……. …. …. …. 231000Mortgage Loan …. …. …. …. …. …… …. …. …. 112000Rent Revenue …. …. …. …. …. …. … …. …. …. 51000Retained Earnings …. …. …. …. …… …. …. …. 52200Salaries and Wages Expense …. …. …. …. …. 107000Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1752000Sales Returns…
The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Date Debit Credit Balance Jan. 1 Balance 158,910 July 31 Purchase of equipment 70,510 229,420 Sept. 2 Cost of equipment constructed 54,610 284,030 Nov. 10 Cost of equipment sold 51,460 232,570 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 71,560 Nov. 10 Accumulated depreciation on equipment sold 28,590 42,970 Dec. 31 Depreciation for year 26,100 69,070 Retained Earnings Date Debit Credit Balance Jan. 1 Balance 104,860 Aug. 23 Dividends (cash) 14,870 89,990 Dec. 31 Net income 77,590 167,580 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method.…
answer please with all working On December 1, 2022, Coronado Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment *(3,000 x $0.60) Dec. 3 1. 5 2. 7 17 22 Debit The following transactions occurred during December: Adjustment data: $5,000 5,000 1,800 21,000 $32,800 14 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,200 Recognized accrued salaries payable $400. Recognized depreciation $400 per month. 3,400 28,200 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.60 units and 1,500 of the $0.78.) $32,800 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.84 each. Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units.) 1.…
The following is the ending balances of accounts at June 30, 2018 for Excell Company.Account Title Debits CreditsCash $ 83,000Short-term investments 65,000Accounts receivable 280,000Prepaid expenses (for the next 12 months) 32,000Land 75,000Buildings 320,000Accumulated depreciation—buildings $ 160,000Equipment 265,000Accumulated depreciation—equipment 120,000Accounts payable 173,000Accrued expenses 45,000Notes payable 100,000Mortgage payable 250,000Common stock 100,000Retained earnings 172,000Totals $1,120,000 $1,120,000Additional Information:1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in May. The billsmature in July.2. The accounts receivable account consists of the following:a. Amounts owed by customers $225,000 b. Allowance for uncollectible accounts—trade customers (15,000)c. Nontrade note receivable (due in three years) 65,000 d. Interest receivable on note (due in four months) 5,000Total $280,0003. The notes payable account consists of…
The following balances appeared in the records of a company on 28 February 2012, the end of the financial year: Vehicles 330 000 Accumulated depreciation: Vehicles 75 000 INSTRUCTIONS: Complete the extract from the PPE Note at the end of the financial year, 28 February 2012, after taking the following transactions in consideration: 1. On 30 Nov 2011 a vehicle, bought on 1 July 2009 for R110 000, was sold on credit, for R55 000. Depreciation was provided for on the diminishing balance method at 25% p.a. on all vehicles, unless otherwise stipulated. 2. A new delivery vehicle, with an estimated life of 4 years and a residual value of R15 000, was purchased on 1 Sept 2011 for R135 000. An additional R5000 was paid for a new sound system. The straight line method of depreciation must be used for this delivery vehicle only.