Skysong, Inc. purchased a delivery truck for $30,000 on January 1, 2022. The truck has an expected salvage value of $4,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,800 in 2022 and 15,000 in 2023.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 14MC: What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to...
icon
Related questions
Question
what is the depreciation expense and accumulated depreciation equipment ? 1.Please Complete Solution With Details 2.Final Answer Clearly Mentioned 3.Do not give solution in image format
Assume that Skysong uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (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 o for the amounts)
Account Titles and Explanation
Depreciation Expense
Accumulated Depreciation Equipment
Debit
500
Credit
500
Transcribed Image Text:Assume that Skysong uses the straight-line method. Prepare the journal entry to record 2022 depreciation. (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 o for the amounts) Account Titles and Explanation Depreciation Expense Accumulated Depreciation Equipment Debit 500 Credit 500
Skysong, Inc. purchased a delivery truck for $30,000 on January 1, 2022. The truck has an expected salvage value of $4,000, and is
expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,800 in 2022 and 15,000 in
2023.
Transcribed Image Text:Skysong, Inc. purchased a delivery truck for $30,000 on January 1, 2022. The truck has an expected salvage value of $4,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,800 in 2022 and 15,000 in 2023.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College