Question to be answered very soon for upvotes? Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one month's worth of depreciation would be:A. Debit Depreciation Expense $2,100 credit Cash $2,100B. Debit Depreciation Expense $175, credit Cash $175C. Debit Depreciation Expense $2,100, credit Accumulated Depreciation $2,100D. Debit Depreciation Expense $175, credit Accumulated Depreciation $175

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one month's worth of depreciation would be: OA. Debit Depreciation Expense $2,100 credit Cash $2,100 OB. Debit Depreciation Expense $175, credit Cash $175 OC. Debit Depreciation Expense $2 100 credit Accumulated Depreciation $2 100

Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one month's worth of depreciation would be: OA. Debit Depreciation Expense $2,100 credit Cash $2,100 OB. Debit Depreciation Expense $175, credit Cash $175 OC. Debit Depreciation Expense $2 100 credit Accumulated Depreciation $2 100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

An asset is purchased for $50,000. The rate of depreciation is 15% p.a. Calculate the annual depreciation for the first two years under diminishing balance method.
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 ? 40,000
A table was purchased for RO 1200 and the depreciation is computed at the rate of 15%. What is the book value at the end of second year by using Written down value method? a. RO 1020 b. RO 867 c. RO 180 d. RO 153
Calculate the Annual Depreciation for each listed asset. Assume the assets were purchased on January 1st and used for 12 months. The first asset has been completed. Utilize the straight-line depreciation method: (Original cost - Estimated Salvage Value) / Estimated Useful Life = Annual Depreciation Plant Asset Cash register Computer Vehicle Machinery Desk Asset Original Cost 500.00 4,500.00 15,500.00 8,000.00 2,500.00 Calculate the amount to be depreciated: Annual Depreciation Cash register Computer Vehicle Machinery Desk Estimated Salvage Value 25.00 800.00 3,000.00 1,200.00 200.00 67.86 Estimated Useful Life 7 years 5 years 10 years 5 years 15 years Questions? Contact your instructor!
The Annual Depreciation Expense be using straight-line depreciation will be $6250, the accounts would be used in the adjusting entry for a full year of depreciation will be Debit - Depreciation Expense, Truck</> Credit - Accumulated Depreciation, Truck. 13) Under the Fixed assets section of the balance sheet, what number would we put in the "Accumulated Depreciation, Truck" section for Year # 4 if depreciation is calculated ANNUALLY (assume Jan 1st, 2019 to Dec 31st, 2019 is Year #1).
If a fixed asset, such as a computer, were purchased on January 1 for $2,027 with an estimated life of 5 years and a salvage or residual value of $247, the journal entry for monthly expense under straight-line depreciation is a. Accumulated Depreciation Depreciation Expense b. Depreciation Expense Accumulated Depreciation c. Depreciation Expense Accumulated Depreciation d. Accumulated Depreciation Depreciation Expense 356.00 29.67 356.00 29.67 356.00 29.67 356.00 29.67
If a fixed asset, such as a computer, were purchased on January 1 for $1,542 with an estimated life of 3 years and a salvage or residual value of $114, the journal entry for monthly expense under straight-line depreciation is O = Depreciation Expense. Ob Accumulated Depreciation Depreciation Expense Ос Accumulated Depreciation Depreciation Expense Od Accumulated Depreciation Accumulated Depreciation Depreciation Expense 39.67 476.00 476.00 39.67 39.67 476.00 476.00 39.67
Assume that equipment is purchased at a cost of $10,000 with no residual value and isdepreciated at a straight line rate of 10%.The equipment was sold for cash on Oct 12 ofthe eighth year of its use. The balance of accumulated depreciation account as of thepreceding Dec 31 (end of 7th yr) is $7,000.Required:a. Entry to update the depreciation for the 9 months of the current year .b. Assuming that the equipment was sold for $ 2,800 on Oct 12, determine the gain orloss on the sale of equipment.c. Journalize the entry to record the sale.Hint: calculate book value of the equipment as on oct 12 and compare with the amount of cash gettingin return.
If a fixed asset, such as a computer, were purchased on January 1 for $2,230 with an estimated life of 4 years and a salvage or residual value of $151, the journal entry for monthly expense under straight-line depreciation is a. Depreciation Expense 43.31 Accumulated Depreciation 43.31 b. Accumulated Depreciation 43.31 Depreciation Expense 43.31 c. Accumulated Depreciation 519.75 Depreciation Expense 519.75 d. Depreciation Expense 519.75 Accumulated Depreciation 519.75
If a fixed asset, such as a computer, were purchased on January 1st for $2,329 with an estimated life of 4 years and a salvage or residual value of $193, the journal entry for monthly expense under straight-line depreciation is a. Accumulated Depreciation 534.00 Depreciation Expense 534.00 b. Depreciation Expense 534.00 Accumulated Depreciation 534.00 c. Depreciation Expense 44.50 Accumulated Depreciation 44.50 d. Accumulated Depreciation 44.50 Depreciation Expense 44.50 * c is not the answer
An asset's book value is $25,200 on January 1, Year 6. The asset is being depreciated $350 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $17,900, the company should record:
If a fixed asset, such as a computer, were purchased on January 1st for $2,036.00 with an estimated life of 7 years and a salvage or residual value of $213.00, what is the journal entry for monthly expense under straight-line depreciation? Select the correct answer. Accumulated Depreciation$21.70 Depreciation Expense$21.70 Depreciation Expense$260.43 Accumulated Depreciation$260.43 Depreciation Expense$21.70 Accumulated Depreciation$21.70 Accumulated Depreciation$260.43 Depreciation Expense$260.43