Depreciation : Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company. Accumulated depreciation : This term refers to the depreciation of an asset till the current accounting period. To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

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Answer 1

Question

Chapter 3, Problem 3.8SE

1.

To determine

Depreciation: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company.

Accumulated depreciation: This term refers to the depreciation of an asset till the current accounting period.

To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

2.

To determine

To journalize: Adjusting entry for depreciation on October 31.

3.

To determine

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

4.

To determine

The book value of computer equipment’s on October 31.

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Answer 2

Question

Chapter 3, Problem 3.8SE

1.

To determine

Depreciation: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company.

Accumulated depreciation: This term refers to the depreciation of an asset till the current accounting period.

To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

2.

To determine

To journalize: Adjusting entry for depreciation on October 31.

3.

To determine

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

4.

To determine

The book value of computer equipment’s on October 31.

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Answer 3

Question

Chapter 3, Problem 3.8SE

1.

To determine

Depreciation: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company.

Accumulated depreciation: This term refers to the depreciation of an asset till the current accounting period.

To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

2.

To determine

To journalize: Adjusting entry for depreciation on October 31.

3.

To determine

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

4.

To determine

The book value of computer equipment’s on October 31.

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Answer 4

Question

Chapter 3, Problem 3.8SE

1.

To determine

Depreciation: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company.

Accumulated depreciation: This term refers to the depreciation of an asset till the current accounting period.

To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

2.

To determine

To journalize: Adjusting entry for depreciation on October 31.

3.

To determine

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

4.

To determine

The book value of computer equipment’s on October 31.

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Answer 5

Chapter 3, Problem 3.8SE

1.

To determine

Depreciation: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company.

Accumulated depreciation: This term refers to the depreciation of an asset till the current accounting period.

To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

2.

To determine

To journalize: Adjusting entry for depreciation on October 31.

3.

To determine

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

4.

To determine

The book value of computer equipment’s on October 31.

Answer 6

Chapter 3, Problem 3.8SE

1.

To determine

Depreciation: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company.

Accumulated depreciation: This term refers to the depreciation of an asset till the current accounting period.

To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

Answer 7

Chapter 3, Problem 3.8SE

1.

To determine

Depreciation: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense over its estimated useful life. It is an expense for the Company.

Accumulated depreciation: This term refers to the depreciation of an asset till the current accounting period.

To calculate: The amount of depreciation for the month of October, using the straight-line depreciation method.

Answer 8

2.

To determine

To journalize: Adjusting entry for depreciation on October 31.

Answer 9

2.

To determine

To journalize: Adjusting entry for depreciation on October 31.

Answer 10

3.

To determine

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

Answer 11

3.

To determine

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

Answer 12

4.

To determine

The book value of computer equipment’s on October 31.

Answer 13

4.

To determine

The book value of computer equipment’s on October 31.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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To journalize: Adjusting entry for depreciation on October 31.

To prepare: T-accounts for computer account, Depreciation expense account, and accumulated depreciation account and post the above entry.

The book value of computer equipment’s on October 31.

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Chapter 3 Solutions