A company recorded $3,500 of depreciation on its factory building. Prepare the general journal entry to record this transaction.
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- 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.DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $3,510 for office equipment and $7,650 for production equipment. Required: Prepare the two entries to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS DogMart Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment 17 Accumulated Depreciation-Office Equipment 18 Production Equipment 19 Accumulated Depreciation-Production Equipment LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Salary Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57…I need answer to Question below
- Preview Work Discuss the appropriate treatment in the financial statements of each of the following. (a) Write-down of plant assets due to impairment. (b) A delivery expense on goods -107 sold. (c) Additional depreciation on factory machinery because of an error in computing depreciation for the previous year. (d) Rent received from subletting a portion of the office space. (e) A patent, infringement suit, brought 2 years ago against the company by Writing et ID: 5790953 er companyV, was settled this year by a cash payment of $725.000, (f) A reduction in the Allowance for Doubtful Accounts balance, because the account excess of the probable less from uncoliectible receivables, 15:35GodoOn December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $206,400 and has accumulated depreciation of $185,760. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Equipment, credit, $206,400 b.Gain on Disposal of Asset, credit, $20,640 c.Accumulated Depreciation, debit, $206,400 d.Loss on Disposal of Asset, debit, $185,760
- On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $230,200 and has accumulated depreciation of $207,180.00. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? Oa. Accumulated Depreciation, debit, $230,200 Ob. Loss on Disposal of Asset, debit, $207,180.00 Oc. Gain on Disposal of Asset, credit, $23,020.00 Od. Equipment, credit, $230,200 Previous NextGive me accurate answercreate the journal entry for depreciation for the end of the first year FOR BOTH straight line depreciation and units-of-activity. You then need to create the journal entry to record the sale of that item at the end of its life assuming the straight line method was used to record depreciation for the life of the item. A&C Property Management, LLC purchased a piece of equipment that cost $10,000 and spent $2000 on its delivery. The expected life of the equipment is 20 years and salvage value is expected to be $5000 at the end of the 10th year. A&C Property Management, LLC also invested in some property for storage and a warehouse at that same time. The storage property was purchased at $100,000, and the warehouse was purchased for $50,000. The salvage value of the warehouse is expected to be $5000 while its expected life is 25 years. The equipment purchased 4 years ago was sold to an individual for $7,500. While the warehouse was sold at the end of the 5th year at the…
