A company recorded $4,900 of depreciation on its factory building. Prepare the general journal entry to record this transaction. Solution
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A company recorded $4,900 of depreciation on its factory building. Prepare the general journal entry to record this transaction. Solution
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- 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…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.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 amount the debit or credit columns. View transaction list Journal entry worksheet 1 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. Note: Enter debits before credits. Date Jan. 2 General Journal Accumulated depreciation Loss on disposal of machinery Equipment Debit 28,000 1,000 Credit 27,000
- Need help with this accounting questiongp.2 please provide woekingHulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency $ 6,000 Routine repairs on the equipment 1,000 The equipment is being depreciated on a straight-line basis over an estimated life of 17 years with a $11,000 estimated residual value. The annual accounting period ends on December 31. $ 135, 100 57,000 Required: Indicate the effects of the following on the accounting equation. Note: Enter decreases to account categories as negative amounts and do not round your intermediate calculations. 1. The adjustment for depreciation at the end of last year. 2. The two expenditures during the current…
- es Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency Routine repairs on the equipment $ 168,000 57,000 The equipment is being depreciated on a straight-line basis over an estimated life of 19 years with a $16,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects of the following on the accounting equation. Note: Enter decreases to account categories as negative amounts and do not round your intermediate calculations. Event 1. Adjustment for Depreciation 1. Adjustment for Depreciation 2a. Major overhaul of equipment 2a. Major…Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment $ 153,800 Accumulated depreciation through the end of last year 66,000 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency $ 12,000 Routine repairs on the equipment 1,900 The equipment is being depreciated on a straight-line basis over an estimated life of 18 years with a $17,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects of the following on the accounting equation. Note: Enter decreases to account categories as negative amounts and do not round your intermediate calculations. The adjustment for depreciation at the end of last year. The two expenditures during…Current Attempt in Progress Prepare the journal entries to record the following transactions for Blue Spruce Inc., which has a calendar year end and uses straight- line depreciation. (a) On June 30, 2022, the company sold office equipment for $21,500. The office equipment originally cost $34,000 and had accumulated depreciation to the date of disposal of $15,500. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date June 30, 2022 Sept 30, 2022 Save for Later Account Titles and Explanation Debit Attempts-0 of 1 used Credi
