None Analyze each of the following transactions by showing its effects on the accounting equation-specifically, identify the accounts andamounts (including + or -) for each.January 1 Purchased equipment for $44,000 cash. Estimated useful life is six years and salvage value is $10,560.January 2 Paid $8,800 cash to install automated controls on equipment. This betterment did not impact useful life orsalvage value.August 15 Paid $350 cash for minor repair costs to equipment.DateJanuary 01January 01January 02January 02August 15Assets==II==။=Liabilities+Equity+++++

Part 2: ExplanationIn each transaction, we analyze the impact on the accounting equation by…

Answered: Analyze each of the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5PA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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The ledger of Hillsboro Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Assume no adjusting entries were made in Januaray or February either. Prepaid Insurance Supplies Equipment Accumulated Depreciation- Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit $ 3,600 3,053 26,200 -0- 15,330 Credit $ 8,921 20,600 7,500 54,170
Required: 1. Prepare general journal entries to record the preceding transactions. 2. Post to general ledger T-accounts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,000. (b) for simplicity, the building and equipment are being depreciated using the straight- line method over an estimated life of 20 years with no residual value. (c) supplies on hand at the end of the year total $600. (d) bad debts expense for the year totals $610; and (e) the income tax rate is 30%; income taxes are payable in the first quarter of 2017.
A machine costing $75,000 is purchased on September 1, Year 1. The machine is estimated to have a salvage value of $10,000 and an estimated useful life of 4 years. Double-declining-balance depreciation is used. If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: A. A credit to gain on sale for $8,000. B. A debit to loss on sale for $2,625. C. A credit to accumulated depreciation for $59,375. D. A debit to loss on sale for $3,042. E. A credit to gain on sale for $4,979.
Hi, i need help with this question, thanks u On January 1, Simms Delivery purchased a truck for $38,000. The truck has an estimated useful life of 5 years and a $3,000 expected salvage value. Simms uses the straight-line method. Hint: Think what kind of balance expenses have and what kind of balances contra-assets account have. Prepare the adjusting entry for depreciation on December 31 of the year. (Show all calculations below the entry.) Date Description Post Ref Debit Credit Adjusting Entries January 1 Truck 38,000 2. Compute the book value at the end of the second year of the truck’s useful life. (Show all calculations in your answer.)
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.
DETL Corp. made an ordinary repair to a delivery truck with a remaining useful life of three years at a cost of $200. DETL's accountant debited the asset account, Equipment. Was this treatment an error, and if so, what will be the effect on DETL's financial statements?
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $250,000. b. Depreciation reported on the income statement, $135,000. C. Equipment was purchased at a cost of $420,000 and fully depreciated equipment costing $90,000 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 30,000 shares of common stock were issued at $20 for cash. Cash dividends declared and paid, $45,000. f. Instructions 5 toment of cash flows, using the indirect method of presenting cash flows from op-
Read the description of the following adjustments that are required at the end of the accounting period for Paulo Consulting Services. Record the necessary journal entries required at the end of January. (Round your answers to the nearest whole dollar.) Equipment was purchased on January 1, 20X1, for $45,000 and has an estimated useful life of 8 years with a salvage value of 3,720. Depreciation is computed using the straight-line method. Signed a 5-month contract for $6,210 of prepaid advertising on January 1, 20X1. Prepaid rent for the year on January 1, 20X1, in the amount of 26,950. Purchased supplies for $7,000 on January 1, 20X1. Inventory of supplies was $5,650 on January 31, 20X1. Do not give answer in image
Match each item to a bank statement adjustment, a company books adjustment, or either.
Compute the following: al. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 al. 2. 2. a2. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $
Godo
Compute the following: a. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank.

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