Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: ( transaction/event. select "No lournal entry roguirod"
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- The following are costs related to the purchase of a second-hand piece of equipment. Required: Indicate with an 'X' in the appropriate column whether the expenditure should be included in the cost of the asset. Include in the Not included Asset total In the Asset Total Description of cost expenditure Freight Installation Repair of vandalism during installation Replacement of worn-out parts at time of purchase Repair of damage incurred in reconditioning the equipment Fees paid to attorney to review purchase agreement B Computer equipment that was originally purchased for $ 170,000 and now has an accumulated depreciation balance of $ 130,000 is sold for cash of $ 60,000 Total $ 360,000 Required: Record the sale of the computer equipment…The following items are recorded in the general journal, except Select one: A. Purchase of non-current assets on credit B. Withdrawal of goods by the owner for personal consumption C. Opening entries, adjusting entries and closing entries D. Purchase of goods on credit from supplierThe information provided to you is as follows: Purchase of machinery (!/9/2019) instead of € 32,400 with cash was registered as a purchase of different materials of equal value. The result of the error was to calculate and recognize the consumption of the various materials (theentire amount of the various materials) and not to calculate the depreciation of the machines (annual depreciation 3.240 €). Correction of accounting error is carried out 1/1/2020. The correction record is requested a) if the error was found in the fiscal year (2020) and b) if the error was found in the next financial year (2021) i.e. the error while the correction entry was made in 2020 takes place on 1/1/2021.
- Which of the following transactions should not be disclosed in the income statement?A. Purchase of an office buildingB. Depreciation of vehiclesC. Maintenance of machineryD. Sales discount offered to a customerREQUIRED: A. Based on the application of the necessary procedures and appreciation of the above data, you are to provide the answers to the following: 1. What is the gain on sale of truck on September 30? 2. What is the gain on sale of machinery on December 20? 3. What is the adjusted balance of the cost of property, plant and equipment as of December 31, 2022? 4. What is the total depreciation expense for the year ended December 31, 2022? 5. What is the carrying amount of the property, plant and equipment as of December 31, 2022? B. Show the lapsing schedule as of December 31, 2022.Which of the following is correct when recording the disposal of equipment for a gain? Group of answer choices A)A debit to a gain account. b)A credit to the equipment account for the asset's net book value. C)A debit to accumulated depreciation for the depreciation accumulated to the date of disposal. D)A credit to cash. e)None of the above
- under the expense method what is the purpose of adjusting entries A. To record unused portuon of asset B. To record expired portion of asset C. To recoed the purchase of the asset D. All E. None1. For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes and N for no) and, if so, the amount of the loss that should be recorded. Prepare any necessary journal entry. Do you have to subtract the carrying amount and value in use amounts for each? For the journal entries, I don't understand which journal entries you have to do, can you please explain, thank you.Which of the following are includable to the cost of property and equipment? Transportation costs on machinery purchased under terms FOB shipping point Interest on loans borrowed to purchase an equipment Installation costs and cost of trial runs of a machinery Repairs on broken glass windows of a purchased buildings prior to occupancy
- Where, if at all, should the following items be classified on a statement of financial position? (a) Goods out on approval to customers (b) Goods in transit that were recently purchased FOB destination (c) Land held by a real estate firm for sale (d) Raw materials (e) Goods received on consignment (f) Stationery suppliesPlease dont copy past other answers from other websites. They are wrong. This is an activity in my workbook and is not for marks. The second picture is the layout of the answer. I need help with how to write the answer in the layout that's in my textbook. Question: Journalise ALL the above transactions for the year ended 28 February 2021 inthe General Journal including the year-end adjustment entries for depreciation.Round off to the nearest RandNarrations are not requiredWhere, if at all, should the following items be classifiedon a balance sheet?(a) Goods out on approval to customers.(b) Goods in transit that were recently purchased f.o.b.destination.(c) Land held by a realty firm for sale.(d) Raw materials.(e) Goods received on consignment.(f) Manufacturing supplies.
