Chapter 6, Problem 1.3C

On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.    On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000.

Gently Laser Clinic purchased laser equipment for $6,516 and paid $678 down, with the remainder to be paid later. The correct entry would be a. Equipment Expense 6,516          Accounts Payable     678      Cash     5,838 b. Cash 678     Accounts Payable 5,838          Equipment     6,516 c. Cash 678          Equipment     678 d. Equipment 678          Cash     678 e. Equipment 6,516          Accounts Payable     5,838      Cash     678

Doner Company Inc. begins operations on January 1, Year 1. The company’sunadjusted financial statements for the year ended December 31, Year 1,appear as follows:Date Transaction Cost Useful Life GPIJanuary 15, Year 1 . . . . . . . . . Purchase Machine X $ 20,000 4 years 100March 20, Year 1 . . . . . . . . . . Purchase Machine Y 55,000 5 years 110October 10, Year 1 . . . . . . . . Purchase Machine Z 130,000 10 years 130December 31, Year 1 . . . . . . . 140April 15, Year 2 . . . . . . . . . . . Sold Machine X 160December 31, Year 2 . . . . . . . 180Balance Sheets 1/1/Y1 12/31/Y1Cash and receivables . . . . . . . . . . . . . . . . . . . . . . $20,000 $35,000Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 45,000Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000 $80,000Payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000 $15,000Contributed capital . . . . . . . . . . . . . . . . . . . . . . . 55,000…

Following information is available for the purchase of equipment by ABC company: 10 Computers and peripheral equipment purchased cash at $25,500. Installation service cost paid at $1350. Freight- in was paid at $550. Journal entry to record the cost of equipment will be

The following additional information is available December 31, 2021: Store Supplies on hand on December 31, 2021, amounted to $1,200,800. Insurance of $2,250,000 was paid on January 1, 2021, for the 15-months to March 31, 2022 Prepaid rent expired December 31, 2021, amounted to $2,000,000 The furniture and equipment have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $200,000. The delivery truck cost relates to two Zana Trucks purchased for $1,800,000 each by the company on January 1, 2015. The double-declining balance method of depreciation is used to compute the truck’s depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2015, 10,000 miles were driven, 16,500 in 2016, 12,600 in 2017, 16,000 in 2018, 16,500 in 2019, 14,800 in 2020 and 16,800 in 2021. The residual value on both truck is $241,592 each. On September 1, 2021, the company sold one of the trucks to ZM Company for…

The following additional information is available December 31, 2021: Store Supplies on hand on December 31, 2021, amounted to $1,500,000. Insurance of $4,200,000 was paid on January 1, 2021, for the 14-months to February 28,     2022 Prepaid rent expired December 31, 2021, amounted to $2,750,000 The furniture and equipment have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $200,000. The Motor Car cost relates to two Sosa cars purchased for $1,800,000 each by the company on January 1, 2015. The double-declining balance method of depreciation is used to compute the car’s depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2015, 10,000   miles were driven, 16,500 in 2016, 12,600 in 2017, 16,000 in 2018, 16,500 in 2019, 14,800 in 2020 and 16,800 in 2021. The residual value on both car is $241,592 each. On September 1, 2021, the company sold one of the cars to ZM Company for $720,000…

The following additional information is available December 31, 2021: Store Supplies on hand on December 31, 2021, amounted to $1,500,000. Insurance of $4,200,000 was paid on January 1, 2021, for the 14-months to February 28,     2022 Prepaid rent expired December 31, 2021, amounted to $2,750,000 The furniture and equipment have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $200,000. The Motor Car cost relates to two Sosa cars purchased for $1,800,000 each by the company on January 1, 2015. The double-declining balance method of depreciation is used to compute the car’s depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2015, 10,000 miles were driven, 16,500 in 2016, 12,600 in 2017, 16,000 in 2018, 16,500 in 2019, 14,800 in 2020 and 16,800 in 2021. The residual value on both car is $241,592 each. On September 1, 2021, the company sold one of the cars to ZM Company for $720,000 on…

Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000