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huctor Eopnant acqued on January ata cot of 30 ss0 han an estimated unete f years and an estatedeatvalef 10 Joumal Requred What was the annul amount of derecation fr Years 13ung he att e.mehod of deprecaton he antry recondr he sale Reter he chat of account for the eract wordng of he account CNOWpuma dot ue ne jounaleanaton Asumng that the equpment wan st on Jauary 3 of Year 4or 27250 ale Every ine on a jouma peused dor credlenres CNOWenal atcaly indetaedt entry when a ceat amount entered What was the book of the equpment on anary tof ear d Aungthal the equpment wa od on ay of ear 272.50. jumale the entry o record the sale Referthe chat of accounta the eat wordng of the account es CNOWma det e ines upumaexpao Every ine on aunal page ued trde or cedentries CNOW ns wi maticaly ndetacedtenty when a cet amount entered ACCOUNTNG EOUATION Asumng that the equpment had been sd on January 3 of War4 br00atead of 272.50 male he eney torecord the sa Heterthe chat of accous he et wordng of the account es CNOWunl det e ines trpumeplanatons Every ine ona pma pegeued dor cedtenes CNOW pu wautomaaly ndta credey whena cred amount tered JOURHAL TQuestons Whal wes he an anount of uaton as ng he stateetod ofdeprecaton Aung a he ne ad been on aay of arr 0 t of22 male heey to recond the e eeroe chat ol accoun for the etording ofe arcount NOWuna t e trpunpatone ery ne ona pe e rder or otete CNOW wi onataly nde actentry whe a cet amun tered Vear1 derecton pee Year 2 deprection epene vear3 deprecton erpense het was he took at a he e net on anary1Ve s

huctor Eopnant acqued on January ata cot of 30 ss0 han an estimated unete f years and an estatedeatvalef 10 Joumal Requred What was the annul amount of derecation fr Years 13ung he att e.mehod of deprecaton he antry recondr he sale Reter he chat of account for the eract wordng of he account CNOWpuma dot ue ne jounaleanaton Asumng that the equpment wan st on Jauary 3 of Year 4or 27250 ale Every ine on a jouma peused dor credlenres CNOWenal atcaly indetaedt entry when a ceat amount entered What was the book of the equpment on anary tof ear d Aungthal the equpment wa od on ay of ear 272.50. jumale the entry o record the sale Referthe chat of accounta the eat wordng of the account es CNOWma det e ines upumaexpao Every ine on aunal page ued trde or cedentries CNOW ns wi maticaly ndetacedtenty when a cet amount entered ACCOUNTNG EOUATION Asumng that the equpment had been sd on January 3 of War4 br00atead of 272.50 male he eney torecord the sa Heterthe chat of accous he et wordng of the account es CNOWunl det e ines trpumeplanatons Every ine ona pma pegeued dor cedtenes CNOW pu wautomaaly ndta credey whena cred amount tered JOURHAL TQuestons Whal wes he an anount of uaton as ng he stateetod ofdeprecaton Aung a he ne ad been on aay of arr 0 t of22 male heey to recond the e eeroe chat ol accoun for the etording ofe arcount NOWuna t e trpunpatone ery ne ona pe e rder or otete CNOW wi onataly nde actentry whe a cet amun tered Vear1 derecton pee Year 2 deprection epene vear3 deprecton erpense het was he took at a he e net on anary1Ve s

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.33E
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Instructions Equpment acoired on January 6 at a cot of S360.550, has an estimated usetu e of 12 years and an estimated esidualvat of S910 Required What was the annual amount of geoecaton for Years 13 usng the sttemetod of depreciation? C Assuming that the equpment was aokt on Januay 3 of earfor $27250 umale the entry to ecord the sale Refer the chart of accounts for the eract wording of the account es CNOW puma do nor b What was the booka of the equpment on anary 1 of Year 40 Every ine on a joumal page a used for debt or credr entres CNOWpumals atoaticaly indeta credtenty when a cred amounta entered C Assuming that the equpment was sold on January 3 of Year 4tor $272,570, joumale the entry to record the sale Refer to the chart of accounts for the exact wording of the account es CNOW joumas do not use ines for joumal explanatons Every ine on a pumal pages used for debt or credt entres CNOW pumals wiltomaticaly indent a creditentry when a credit amountis entered 4Assuming that the equpment had been sold on January 3 of ear 4 for $300 0tead of $272.570 pumalce the eny to record the sale JOURNAL Reter othe chat of accounts for the eact wording of the account es CNOW ounals do not ue lines for pumal explanatons Every line ona POS pram joumal pege e used for deb or credit entries CNOWpumas wil utomaticaly indente credt entry when a credt amount is entered First Questions aWhat wes the annual amount of depreciaton for Years 3 usng the straghtine.mettod of depreciation d Asauming har he equpmet had been sof on January 3 of Year 4or002.490 nstead ol 272.50oumae he entry to record the aale efer to the chat of accounts for the exact woding of the account es CNOW mals donot ue nes for joumal explanatone Every ine on ajoumal page a ed for debt or credtentres CNowoumals wilomatically ndent a credt entry when a credtamount entered Year 1 deprecation epense Year 2 deprecation epense What was the bookvatn f the epment on January 1 of Year 4S
Transcribed Image Text:Instructions Equpment acoired on January 6 at a cot of S360.550, has an estimated usetu e of 12 years and an estimated esidualvat of S910 Required What was the annual amount of geoecaton for Years 13 usng the sttemetod of depreciation? C Assuming that the equpment was aokt on Januay 3 of earfor $27250 umale the entry to ecord the sale Refer the chart of accounts for the eract wording of the account es CNOW puma do nor b What was the booka of the equpment on anary 1 of Year 40 Every ine on a joumal page a used for debt or credr entres CNOWpumals atoaticaly indeta credtenty when a cred amounta entered C Assuming that the equpment was sold on January 3 of Year 4tor $272,570, joumale the entry to record the sale Refer to the chart of accounts for the exact wording of the account es CNOW joumas do not use ines for joumal explanatons Every ine on a pumal pages used for debt or credt entres CNOW pumals wiltomaticaly indent a creditentry when a credit amountis entered 4Assuming that the equpment had been sold on January 3 of ear 4 for $300 0tead of $272.570 pumalce the eny to record the sale JOURNAL Reter othe chat of accounts for the eact wording of the account es CNOW ounals do not ue lines for pumal explanatons Every line ona POS pram joumal pege e used for deb or credit entries CNOWpumas wil utomaticaly indente credt entry when a credt amount is entered First Questions aWhat wes the annual amount of depreciaton for Years 3 usng the straghtine.mettod of depreciation d Asauming har he equpmet had been sof on January 3 of Year 4or002.490 nstead ol 272.50oumae he entry to record the aale efer to the chat of accounts for the exact woding of the account es CNOW mals donot ue nes for joumal explanatone Every ine on ajoumal page a ed for debt or credtentres CNowoumals wilomatically ndent a credt entry when a credtamount entered Year 1 deprecation epense Year 2 deprecation epense What was the bookvatn f the epment on January 1 of Year 4S
Chart of Accounts Instructions CHART OF ACCOUNTS Equipment acquired on January 6 at a cost of $360,550, has an estimated useful ife of 12 years and an estimated residual value of $69.910 General Ledger Required: a. What was the annual amount of deoreciation for Years 1-3 using the straight-ine method of depreciation? REVENUE ASSETS b. What was the book value of the equpment on January 1 of Year 47 410 Sales 110 Cash c Assuming that the equipment was sold on January 3 of Year 4 for $272.570, journalize the entry to record the sale Refer to the chart of 610 Interest Revenue accounts for the eract wording of the account ties CNOW journals do not use lines for journal explanations Every line on a journal page is used 111 Petty Cash 620 Gain on Sale of Delivery Truck for debit or credt entnes CNOW journals wit automaticaly indent a credit entry when a credit amount is entered 112 Accounts Receivable a. Assuming that the equipment had been sold on January 3 of Year 4 for $303,490 instead of $272.570 journalize the entry to record the sale 621 Gain on Sale of Equipment 114 Interest Receivable Refer to the chart of accounts for the exact wording of the account tdes CNOW journals do not use lines for journal explanationa Every line on a 115 Notes Receivable journal page is used for debt or credit entnes CNOW jounals will aufomatically indent a credit entry when a credit amount is entered EXPENSES 116 Merchandise Inventory 510 Cost of Merchandise Sold 117 Supplies 520 Salaries Expense 119 Prepaid Insurance 521 Advertising Expense 120 Land 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 124 Accumulated Depreciaton-Delivery Truck 523 Delivery Expense 125 Equipment 524 Repairs and Maintenance Expense 126 Accumulated Depreciation-Equipment 529 Selling Expenses 130 Mineral Rights 531 Rent Expense 131 Accumulated Depletion 532 Depreciation Expense-Equipment 132 Goodwill 533 Depletion Expense 133 Patents 534 Amortization Expense-Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 210 Accounts Payable 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 213 Sales Tax Payable 720 Loss on Sale of Delivery Truck 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable EQUITY 310 Owners Capital 311 Owners Drawng
Transcribed Image Text:Chart of Accounts Instructions CHART OF ACCOUNTS Equipment acquired on January 6 at a cost of $360,550, has an estimated useful ife of 12 years and an estimated residual value of $69.910 General Ledger Required: a. What was the annual amount of deoreciation for Years 1-3 using the straight-ine method of depreciation? REVENUE ASSETS b. What was the book value of the equpment on January 1 of Year 47 410 Sales 110 Cash c Assuming that the equipment was sold on January 3 of Year 4 for $272.570, journalize the entry to record the sale Refer to the chart of 610 Interest Revenue accounts for the eract wording of the account ties CNOW journals do not use lines for journal explanations Every line on a journal page is used 111 Petty Cash 620 Gain on Sale of Delivery Truck for debit or credt entnes CNOW journals wit automaticaly indent a credit entry when a credit amount is entered 112 Accounts Receivable a. Assuming that the equipment had been sold on January 3 of Year 4 for $303,490 instead of $272.570 journalize the entry to record the sale 621 Gain on Sale of Equipment 114 Interest Receivable Refer to the chart of accounts for the exact wording of the account tdes CNOW journals do not use lines for journal explanationa Every line on a 115 Notes Receivable journal page is used for debt or credit entnes CNOW jounals will aufomatically indent a credit entry when a credit amount is entered EXPENSES 116 Merchandise Inventory 510 Cost of Merchandise Sold 117 Supplies 520 Salaries Expense 119 Prepaid Insurance 521 Advertising Expense 120 Land 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 124 Accumulated Depreciaton-Delivery Truck 523 Delivery Expense 125 Equipment 524 Repairs and Maintenance Expense 126 Accumulated Depreciation-Equipment 529 Selling Expenses 130 Mineral Rights 531 Rent Expense 131 Accumulated Depletion 532 Depreciation Expense-Equipment 132 Goodwill 533 Depletion Expense 133 Patents 534 Amortization Expense-Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 210 Accounts Payable 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 213 Sales Tax Payable 720 Loss on Sale of Delivery Truck 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable EQUITY 310 Owners Capital 311 Owners Drawng
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