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For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the depreciation adjustment on equipment on December 31. 2 Note: Enter debits before credits. Transaction a General Journal Depreciation expense-Equipment Debit Credit

For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the depreciation adjustment on equipment on December 31. 2 Note: Enter debits before credits. Transaction a General Journal Depreciation expense-Equipment Debit Credit

FINANCIAL ACCOUNTING
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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view Practice Problems i ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A %252F%252Fconnect.mheducation.com... View transaction list Journal entry worksheet For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. 2 Record the depreciation adjustment on equipment on December 31. Transaction a. Note: Enter debits before credits. General Journal Depreciation expense-Equipment Saved Debit < Prev Credit 2 of 8 or plant as # X Next > +
Transcribed Image Text:view Practice Problems i ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A %252F%252Fconnect.mheducation.com... View transaction list Journal entry worksheet For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time. b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. 2 Record the depreciation adjustment on equipment on December 31. Transaction a. Note: Enter debits before credits. General Journal Depreciation expense-Equipment Saved Debit < Prev Credit 2 of 8 or plant as # X Next > +
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