A company recorded $4,900 of depreciation on its factory building. Prepare the general journal entry to record this transaction.
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A company recorded $4,900 of depreciation on its factory building. Prepare the general journal entry to record this transaction.
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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.In Year 1, Utica Machinery Company uses the asset from RE11-4 for 7,500 hours. Prepare the journal entry to record the depreciation.
- GodoPrepare the necessary journal entries to record the following transactions in 2013 for the Hoover Company. April 13 - Sold a delivery truck for $7,000. The delivery truck originally cost $45,000 and had accumulated depreciation of $41,000 on the date of sale. Assume the depreciation on the truck has already been recorded for the current year. May 13 - Discarded old mixing equipment that originally cost $100,000 and had a book value of $14,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year. Oct. 13 - Sold a toaster for $5,000. The toaster originally cost $30,000 and had accumulated depreciation of $22,000 on the date of sale. Assume the depreciation on the toaster has already been recorded for the current year.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
- 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 $ 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…Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000I need answer to Question below
