9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.] Randy's Restaurant Company (RRC) entered into the following transactions during a recent year. April 1 Purchased equipment (a new walk-in cooler) for $5,200 by paying $1,100 cash and aigning a $4, 100 note due in six months. April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of $3,100, purchased on account. April 30 Wrote a check for the amount owed on account for the work completed on April 2. May 1A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $130 cost. June 1 Paid $9,360 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region. PB9-3 (Algo) Part 1-b to 3 1-b. Prepare the journal entries for each of the above transactions. 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the straight-line method with a useful life of four years and no residual value. 3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2.
9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.] Randy's Restaurant Company (RRC) entered into the following transactions during a recent year. April 1 Purchased equipment (a new walk-in cooler) for $5,200 by paying $1,100 cash and aigning a $4, 100 note due in six months. April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of $3,100, purchased on account. April 30 Wrote a check for the amount owed on account for the work completed on April 2. May 1A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $130 cost. June 1 Paid $9,360 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region. PB9-3 (Algo) Part 1-b to 3 1-b. Prepare the journal entries for each of the above transactions. 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the straight-line method with a useful life of four years and no residual value. 3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![9-2, LO 9-3, LO 9-6]
[The following information applies to the questions displayed below.]
Randy's Restaurant Company (RRC) entered into the following transactions during a recent year.
April 1 Purchased equipment (a new walk-in cooler) for $5,200 by paying $1,100 cash and signing a $4,100 note.
due in six months.
April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of
$3,100, purchased on account.
April 30 Wrote a check for the amount owed on account for the work completed on April 2.
May 1A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the
full $130 cost.
June 1 Paid $9,360 cash for the rights to use the name and store concept created by a different restaurant
that has been successful in the region.
PB9-3 (Algo) Part 1-b to 3
1-b. Prepare the journal entries for each of the above transactions.
2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and
amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated
using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the
straight-line method with a useful life of four years and no residual value.
3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2.
Complete this question by entering your answers in the tabs below.
Req 1B
Req 2
Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2. (If
no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
No
1
Req 3
Date
June 30
View journal entry worksheet
General Journal
Depreciation Expense
Amortization Expense
Accumulated Depreciation-Equipment
< Req 2
Req 3
Debit
Credit
www
*******
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2b3f7f60-ea7d-412d-bfab-14e1e3d92302%2F80b731a0-a8f4-4344-94d7-d83002894fb0%2Frxl2llf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:9-2, LO 9-3, LO 9-6]
[The following information applies to the questions displayed below.]
Randy's Restaurant Company (RRC) entered into the following transactions during a recent year.
April 1 Purchased equipment (a new walk-in cooler) for $5,200 by paying $1,100 cash and signing a $4,100 note.
due in six months.
April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of
$3,100, purchased on account.
April 30 Wrote a check for the amount owed on account for the work completed on April 2.
May 1A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the
full $130 cost.
June 1 Paid $9,360 cash for the rights to use the name and store concept created by a different restaurant
that has been successful in the region.
PB9-3 (Algo) Part 1-b to 3
1-b. Prepare the journal entries for each of the above transactions.
2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and
amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated
using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the
straight-line method with a useful life of four years and no residual value.
3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2.
Complete this question by entering your answers in the tabs below.
Req 1B
Req 2
Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2. (If
no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
No
1
Req 3
Date
June 30
View journal entry worksheet
General Journal
Depreciation Expense
Amortization Expense
Accumulated Depreciation-Equipment
< Req 2
Req 3
Debit
Credit
www
*******
X
![[The following information applies to the questions displayed below.]
Randy's Restaurant Company (RRC) entered into the following transactions during a recent year.
April 1Purchased equipment (a new walk-in cooler) for $5,200 by paying $1,100 cash and signing a $4,100 note
due in six months.
April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of
$3,100, purchased on account.
April 30 Wrote a check for the amount owed on account for the work completed on April 2.
May 1A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the
full $130 cost.
June 1 Paid $9,360 cash for the rights to use the name and store concept created by a different restaurant
that has been successful in the region.
PB9-3 (Algo) Part 1-b to 3
1-b. Prepare the journal entries for each of the above transactions.
2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and
amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated
using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the
straight-line method with a useful life of four years and no residual value.
3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2.
Complete this question by entering your answers in the tabs below.
Req 1B
Req 2
Req 3
For the tangible and intangible assets acquired in the preceding transactions, determine the amount
of depreciation and amortization, if any, that Randy's Restaurant Company should report for the
quarter ended June 30. Equipment is depreciated using the straight-line method with a useful life of
five years and no residual value. The RRC franchise right is amortized using the straight-line method
with a useful life of four years and no residual value. (Do not round intermediate calculations.)
Show less A
Depreciation-Equip ent
Amortization-Licensing Rights
Partial Year
< Req 1B
Req 3 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2b3f7f60-ea7d-412d-bfab-14e1e3d92302%2F80b731a0-a8f4-4344-94d7-d83002894fb0%2Fx9rs9ew_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Randy's Restaurant Company (RRC) entered into the following transactions during a recent year.
April 1Purchased equipment (a new walk-in cooler) for $5,200 by paying $1,100 cash and signing a $4,100 note
due in six months.
April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of
$3,100, purchased on account.
April 30 Wrote a check for the amount owed on account for the work completed on April 2.
May 1A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the
full $130 cost.
June 1 Paid $9,360 cash for the rights to use the name and store concept created by a different restaurant
that has been successful in the region.
PB9-3 (Algo) Part 1-b to 3
1-b. Prepare the journal entries for each of the above transactions.
2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and
amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated
using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the
straight-line method with a useful life of four years and no residual value.
3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2.
Complete this question by entering your answers in the tabs below.
Req 1B
Req 2
Req 3
For the tangible and intangible assets acquired in the preceding transactions, determine the amount
of depreciation and amortization, if any, that Randy's Restaurant Company should report for the
quarter ended June 30. Equipment is depreciated using the straight-line method with a useful life of
five years and no residual value. The RRC franchise right is amortized using the straight-line method
with a useful life of four years and no residual value. (Do not round intermediate calculations.)
Show less A
Depreciation-Equip ent
Amortization-Licensing Rights
Partial Year
< Req 1B
Req 3 >
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