Exercise 11-23 (Algo) Part 2 2. Prepare the year-end journal entry for depreciation in 2021. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet < 1 Record depreciation expense for 2021. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal

Exercise 11-23 (Algo) Part 2 2. Prepare the year-end journal entry for depreciation in 2021. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet < 1 Record depreciation expense for 2021. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal

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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Wildhorse Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. 1/2/25 Purchased patent (8-year life) 4/1/25 Purchase goodwill (indefinite life) 7/1/25 Purchased franchise with 10-year life; expiration date 7/1/35 8/1/25 Payment of copyright (5-year life) 9/1/25 Research and development costs $360,800 361,000 441,000 Debit 169,200 231,000 $1,563,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Credit
Open with Google Docs The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Debit RM Particulars Credit RM 12,250 9,150 3,600 Office equipment Motor vehicles Fumiture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Fumiture 2,450 1,373 1,060 3,632 29,608 6,860 Account receivables and account payables Сapital 6% loan to Rara Purchases and sales Discount Advertising Cash in hand Provision for doubtful debts 2,500 19,110 31,560 215 175 4,250 1,630 300 740 8,000 700 Commission received 6% loan from Afina Bank (taken from 1 May 2020) 1,200 1,900 1,260 4,005 1,000 5,270 210 250 610 915 110 Rent Drawings Maintenance and petrol Staff's wages Insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns 112 3.415 Inventory as at 1 January 2020 79.710 79.710 TOTAL Page 718 РОСО SHOT ON POCO F2 PRO
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Help Save Required 1 Required 2 Prepare journal entrles for each of the following transactlons. (If no entry Is requlred for a transaction/event, select "No journal entry requlred" In the first account fleld.) a. On October 28 of the current year, an account recelvable for $2,800 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year. Show lessA View transaction list Journal entry worksheet 1. 2. On October 28 of the current year, an account receivable for $2,800 from a prior year was determined to be uncollectible and was written off. Note: Enter debits before credits. T ఎsంction General Journal Debit Credit Record entry Clear entry View general Journal Prev 1 of 3 Next >
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Question: Journalize the required returns! Include excel formula in your answer
Instructions Chart of Accounts Journal The estimated amount of depreciation on CHART OF ACCOUNTS Journalize the adjusting entry to record the depreciation on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for equipment for the current year is $8,255. journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. General Ledger Journalize the adjusting entry to record the depreciation. Refer to the chart of accounts for the ASSETS REVENUE PAGE 10 exact wording of the account titles. CNOW journals 11 Cash 41 Fees Earned JOURNAL ACCOUNTING EQUATION do not use lines for journal explanations. Every line 12 Accounts Receivable DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY on a journal page is used for debit or credit entries. 13 Supplies EXPENSES Adjusting Entries CNOW journals will…