Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow:Plant andEstimatedEstimated Sales ValueDate ofPurchaseEquipmentItemMachine AUsefulat End of Estimatedlife$ 102, 000 5 years4 yearsCostUseful Lifea. Jan. 1b. Apr. 1c. Nov. 1Machine B61,e0030,500 2 years3,4002,900Machine CAssume Leroux Steel uses the straight-line method to depreciate its assets.Requlred:Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item.View transaction listJournal entry worksheet23>Record the depreciation on Machine A.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31, 2020

Annual Depreciation (Straight line method) = ( Cost of Asset - salvage value ) / Useful life period…

Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Estimated Useful Estimated Sales Value Plant and Equipment Item Date of at End of Estimated Purchase Cost life Useful Life a. Jan. 1 b. Apr. 1 c. Nov. 1 $ 102,e00 5 years 61,eee 4 years 3e,5ee 2 years Machine A e Machine B Machine C 3,400 2,98e Assume Leroux Steel uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item. View transaction list Journal entry worksheet 2 3 > Record the depreciation on Machine A. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31. 2020

Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Estimated Useful Estimated Sales Value Plant and Equipment Item Date of at End of Estimated Purchase Cost life Useful Life a. Jan. 1 b. Apr. 1 c. Nov. 1 $ 102,e00 5 years 61,eee 4 years 3e,5ee 2 years Machine A e Machine B Machine C 3,400 2,98e Assume Leroux Steel uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item. View transaction list Journal entry worksheet 2 3 > Record the depreciation on Machine A. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31. 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please need help with must must explanation , narrations , computation for each entry and for each calculation , parts answer in text form
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