What would the adjusting entries be for depreciation on office equipment for the year of $10,000. The balances in the depreciation expense was 0. And the accumulated depreciation - office equipment balance was $30,000
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- Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July 31, 2019: The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, 6,400. Depreciation of equipment for the year, 2,800. Accrued salaries and wages at July 31, 900. Unexpired insurance at July 31, 1,500. Fees earned but unbilled on July 31, 10,200. Supplies on hand at July 31, 615. Rent unearned at July 31, 300. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
- Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services Co.s accounting clerk prepared the following unadjusted trial balance at July 31, 2016: The data needed to determine year-end adjustments are as follows: a. Depreciation of building for the year, 6,400. b. Depreciation of equipment for the year, 2,800. c. Accrued salaries and wages at July 31, 900. d. Unexpired insurance at July 31, 1,500. e. Fees earned but unbilled on July 31, 10,200. f. Supplies on hand at July 31, 615. g. Rent unearned at July 31, 300. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and preparean adjusted trial balance.The cost of Equipment was $2,400. Assume that the beginning balance in accumulated depreciation-Equipment, before this year's adjusting entry was $1,200. The company depreciated Equipment $600 for this year. How much is the book value of the Equipment after the entry?The estimated amount of depreciation on equipment for the current year is $6,550. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank.
- Bramble Company purchased equipment for $31200 on December 1. It is estimated that annual depreciation on the equipment will be $7800. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: A) Debit Equipment, $31200; Credit Accumulated Depreciation, $31200. B) Debit Depreciation Expense, $650; Credit Accumulated Depreciation, $650. C) Debit Depreciation Expense, $23400; Credit Accumulated Depreciation, $23400. D) Debit Depreciation Expense, $7800; Credit Accumulated Depreciation, $7800.Sheffield Corp. purchased equipment for $15900 on December 1. It is estimated that annual depreciation on the computer will be $3180. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: debit Depreciation Expense, $12720; credit Accumulated Depreciation, $12720. debit Depreciation Expense, $3180; credit Accumulated Depreciation, $3180. debit Equipment, $15900; credit Accumulated Depreciation, $15900. debit Depreciation Expense, $265; credit Accumulated Depreciation, $265.The estimated amount of depreciation on equipment for the current year is $6,880.Journalize the adjusting entry (include an explanation) to record the depreciation.
- The unadjusted net income on the income statement was $23,760. After journalizing and posting the adjusting entries for the $1,620 of supplies used and $3,700 of depreciation on the company's equipment for the year, the adjusted net income is: Multiple Choice $18,440. $20,060. O $22,140The adjusted trial balance on the worksheet shows Accumulated Depreciation, $1,700, and Depreciation Expense, $100. What was the balance in the Accumulated Depreciation account before the adjustment?The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense
