On April 1, Company A discards equipment with a cost of $ 15,000 and accumulated depreciation of Ş 15,000. General Journal Page Date Account Titles and Explanation Debit Credit

Q: The following trial balance was extracted from the books of Fasuha Trading as at 31  December 2020.…

A: The statement of Financial position is represented by Balance sheet of the firm. We have to prepare…

Q: December 31, 20, according to the Trial Balance, the Equipment account has a balance of 37,700.00.…

A: Given, Depreciation expense = $3,500 Balance in equipment account = $37,700

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A: Journal entry            Date…

Q: On January 1of the current year, the furniture account had a balance of P 24.000 with accumulated…

A: Depreciation for furniture present at beginning of  year =  cost ×Depreciation rate

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A:

Q: On July 1 of the current calendar year, Olive Co. paid $8,700 cash for management services to be…

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Q: Prepare an adjusted trial balance. PHAROAH DISTRIBUTING COMPANY

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Q: Boyce Company purchased office supplies costing $7,000 and debited Supplies for the ful amount. At…

A: The adjusting journal entry for correct option are as follows.

Q: Sheridan Company sells office equipment on July 31, 2022, for $18,400 cash. The office equipment…

A: Accumulated Depreciation  = Depreciation upto January 1, 2022 + Depreciation from January 1, 2022 to…

Q: The Trial balance shows accumulated depreciation as $10,000. The depreciation expense for the month…

A: SNo. Particulars Debit ($) Credit ($) 1 Depreciation A/c      To Accumulated Depreciation A/c…

Q: Blossom Company sells office equipment on July 31, 2022, for $23,050 cash. The office equipment…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: DdldiceS belore dajus Tor Lupez Reaity agenty at Delember שר הב year are as follows: Debit Credit…

A: Adjusting entry means where some adjustment need to be made at the end of specified period for…

Q: The adjusted trial balance of One Incorporated showed the following at year end:   Debit Credit…

A: Preference shares means those shares which have preference in payment of dividend and capital.

Q: Post adjusting entries on ledger accounts for supplies, accumulated depreciation of equipment,…

A:

Q: The following accounts and account balances are available for Badger Auto Parts at December31,…

A: A trial balance is a statement that shows either the balance or the total amount of debit items and…

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A: Balance sheet indicates the financial position of an organization. The assets are split into current…

Q: On 1 March 20.6 (the beginning of the accounting period) the following balances appeared, amongst…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Depreciation on the company's equipment for the year is computed to be $12,000. Jote: Enter debits…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The company's adjusted trial balance includes the following accounts balances: Cash, $15,000;…

A: Closing entries are passed in the end of the financial year to close all the temporary accounts by…

Q: The estimated amount of depreciation on equipment for the current year is $8,255. Journalize the…

A: Depreciation (begin an expense) is debited. Accumulated depreciation Account (contra asset) is…

Q: The following trial balance was extracted from the books of Fasuha Trading as at 31  December 2020.…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: The asset account, Office Supplies had a beginning balance of $5,100.  During the accounting period,…

A: Here in this problem has covered the concept of adjustment entries. Supplies Expense refers the…

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A: A Balance is one of the financial statements prepared to determine the financial position of a…

Q: Sheridan Company purchased equipment for $7190 on December 1. It is estimated that annual…

A: Depreciation is an expense which is reduction in value of a fixed asset due to wear and tear.…

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Q: Wildhorse Co. sells office equipment on July 31, 2022, for $23,790 cash. The office equipment…

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Q: On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit…

A: T accounts or ledger accounts refers to the accounts which were prepared using the journal entries…

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Q: A motor vehicle which cost $12,000 was bought on credit frrom Trucks Ltd on 1 January 20X9.…

A: Depreciation- Depreciation is thus the diminish in the price of assets and the process used to…

Q: Prepare an adjusted trial balance. On December 1, 2020, Sheridan Distributing Company had the…

A: Prepare the adjusting entries:

Q: The asset account, Office Supplies had a beginning balance of $5,700. During the accounting period,…

A: Office supplies are the consumables or products that are frequently utilized in an office setting to…

Q: During the period the Supplies asset account has had one credit entry of $72,000, and also one debit…

A: Supplies used (credit entry amount) = Beginning balance of supplies + Supplies purchased (debit…

Q: Pharoah Company sells office equipment on July 31, 2022, for $23,270 cash. The office equipment…

A: Depreciation is a type of expense that is related to tangible fixed assets. It can be defined as the…

Q: At the end of October, the ABC Company needed to make accrual adjustments to the accounts, using the…

A: Workings:

Q: The adjusted trial balance of One Incorporated showed the following at year end:   Debit Credit…

A: Equity shares are those shares which do not have preferential right on dividend and repayment of…

Q: Catalan Cove Co. has the following balances in selected accounts on December 31, 2020: Accounts…

A: Adjusting entries are those journal entries which are passed at the end of the period in order to…

Q: The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020.…

A:

Q: Compute the dollar amount of the total Non-current (Long-term) liabilities as it would appear on the…

A: Non-Current liabilities refer to the obligations that are to be settled after 12 months from the…

Q: On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet…

A: Preparation of closing entries is a method used by the business entity to close its temporary…

Q: PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing…

A: Trial balance is a statement showing the summary of ledger accounts and their balances. Generally it…

Q: The estimated amount of depreciation on equipment for the current year is $8,330. Journalize the…

A: Adjusting entries are made at the end of the accounting cycle and seek to capture revenues and…

Q: The adjusted trial balance of One Incorporated showed the following at year end:   Debit Credit…

A: Current Assets: These  are the assets of an enterprises which  are expected to be sold or used…

Q: On December 31, Collins Company has the following list of account balances. Additional Resources…

A: Property, Plant, and Equipment: These implies to the long term fixed assets including machinery,…

Q: The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the…

A: Depreciation is a decrease in the value of an asset over its life. It is an expense and recorded at…

Q: For the Month Ended April 30, 2022 Adjusted Trial Balance Income Statement Balance Sheet Account…

A: The income statement is prepared to find the profitability of the business. The balance sheet…

Q: Dividends paid to preference shares amounts to

A: Preferred dividend :           The dividend paid to the preference shareholders is known as the…

Q: On January tof the current year, the furniture account had a balance of P 24.000 with accumulated…

A: Net book value of the assets = Total cost of the assets - Accumulated depreciation where,…

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.