Adjusting entry: On 30 April 2021, Design Thinking Pty Ltd purchasednew office equipment for $30,000 to use in running online trainingevents. The depreciation charge for the office equipment is $6,000 peryear.Instructions: Record the adjusting entry for the year ending 31 August2021 by selecting the correct accounts and amounts that are debited andcredited.General JournalAugust[ Select ][ Select ]31.[ Select ]>>>

The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Answered: djusting entry: On 30 April 2021,…

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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What is the adjusted balance of accounts payable on December 31, 2021? a. P158,000 b. P138,000 c. P118,000 d. P108,000
Required information Exercise 11-23 (Algo) Change in estimate; useful life and residual value of equipment [LO11-2, 11-5] [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $57,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Exercise 11-23 (Algo) Part 1 Required: 1. Prepare the year-end journal entry for depreciation in 2021. No depreciation was recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to nearest whole dollar.) X Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 1 Depreciation expense 4,500 X Accumulated…
Current Attempt in Progress Sunland Company collected $15760 in May of 2021 for 4 months of service which would take place from October of 2021 through January of 2022. The revenue reported from this transaction during 2021 would be: O $0. O $11820. O $15760, O $3940. Save for Later Attempts: 0 of 1 used Submit Answer
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cation.wiley.com/was/u/2/assessment-player/index.html?launchid=224b70b7-1b94-43ae-b336-3b8651474636#/question/3 mapter 10 Question 4 of 7 Jan. 1 Here are selected 2022 transactions of Sarasota Company. June -30 Dec. 31 Date w Question 4 of 7 - Homewor Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $60,300 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $45,000 and had a useful life of 5 years with no salvage value. The computer was sold for $15,100 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $41,940. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Sarasota Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List…
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