Instructions: Journalize each transaction below: 1. Changed oil and oil filter on truck, $100; Installed equipment on truck, $3,200; Replaced moto on equipment, $3,900. Paid cash for all. Date Accounts Date Ref. Debit 2. Land was purchased costing $105,000; a building was removed at a cost of $4,000, with proceeds of $550 from salvaged materials; broker fees were $3,800; attorney's fees were $4,000; journalize the land purchase (Paid cash). Accounts Ref. Credit Debit Credit
Instructions: Journalize each transaction below: 1. Changed oil and oil filter on truck, $100; Installed equipment on truck, $3,200; Replaced moto on equipment, $3,900. Paid cash for all. Date Accounts Date Ref. Debit 2. Land was purchased costing $105,000; a building was removed at a cost of $4,000, with proceeds of $550 from salvaged materials; broker fees were $3,800; attorney's fees were $4,000; journalize the land purchase (Paid cash). Accounts Ref. Credit Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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![Instructions: Journalize each transaction below:
1. Changed oil and oil filter on truck, $100; Installed equipment on truck, $3,200; Replaced motor
on equipment, $3,900. Paid cash for all.
Date
Date
Date
2. Land was purchased costing $105,000; a building was removed at a cost of $4,000, with
proceeds of $550 from salvaged materials; broker fees were $3,800; attorney's fees were
$4,000; journalize the land purchase (Paid cash).
Accounts
Accounts
Date
Date
Ref.
3. Machinery was purchased on June 1 for $230,000 cash. It had a salvage value of $12,000 and an
estimated useful life of 10 years. Journalize the purchase and the first year's depreciation.
Accounts
Ref.
Debit
Credit
Date
Ref.
Accounts
4. On January 1, 2010 Madison Co. purchased a vehicle for $68,000 cash. The useful life is
expected to be 8 years with an estimated salvage value of $4000. At the end of year 6, Madison
decided to increase the useful life to 10 years (in total) and reduce the salvage value to $2000
a. Journalize the purchase
b. Journalize year one's depreciation
C. Calculate the new annual depreciation after year 6
Debit
Accounts
Ref.
Debit
Credit
Ref.
Debit
5. Keaubie Co. retired a piece of equipment that was fully depreciated and had no salvage value.
The cost of the equipment was $75,000. Journalize the retirement of this asset.
Accounts
Ref.
Debit
Credit
6. Keaubie Company retired some equipment that cost $65,000 and had accumulated depreciation
of $60,000. Journalize the retirement of the equipment.
Debit
Credit
Credit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c06c1b3-1f20-4abd-877e-0ea1b69421e1%2F8aeba476-467b-4555-986d-04ce5920061d%2Fyhpz8b_processed.png&w=3840&q=75)
Transcribed Image Text:Instructions: Journalize each transaction below:
1. Changed oil and oil filter on truck, $100; Installed equipment on truck, $3,200; Replaced motor
on equipment, $3,900. Paid cash for all.
Date
Date
Date
2. Land was purchased costing $105,000; a building was removed at a cost of $4,000, with
proceeds of $550 from salvaged materials; broker fees were $3,800; attorney's fees were
$4,000; journalize the land purchase (Paid cash).
Accounts
Accounts
Date
Date
Ref.
3. Machinery was purchased on June 1 for $230,000 cash. It had a salvage value of $12,000 and an
estimated useful life of 10 years. Journalize the purchase and the first year's depreciation.
Accounts
Ref.
Debit
Credit
Date
Ref.
Accounts
4. On January 1, 2010 Madison Co. purchased a vehicle for $68,000 cash. The useful life is
expected to be 8 years with an estimated salvage value of $4000. At the end of year 6, Madison
decided to increase the useful life to 10 years (in total) and reduce the salvage value to $2000
a. Journalize the purchase
b. Journalize year one's depreciation
C. Calculate the new annual depreciation after year 6
Debit
Accounts
Ref.
Debit
Credit
Ref.
Debit
5. Keaubie Co. retired a piece of equipment that was fully depreciated and had no salvage value.
The cost of the equipment was $75,000. Journalize the retirement of this asset.
Accounts
Ref.
Debit
Credit
6. Keaubie Company retired some equipment that cost $65,000 and had accumulated depreciation
of $60,000. Journalize the retirement of the equipment.
Debit
Credit
Credit
Credit
![7. Keaubie Co. sold office equipment that originally cost $32,000, for $3,500 cash. The equipment
had accumulated depreciation in the amount of $27,000. Record the sale of the equipment.
Accounts
Debit
Ref.
Credit
Date
8. Assume Keaubie Co. sold the equipment in #7 for $5,000 cash and had accumulated
depreciation in the amount of $28,500. Record the sale.
Accounts
Ref.
Date
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c06c1b3-1f20-4abd-877e-0ea1b69421e1%2F8aeba476-467b-4555-986d-04ce5920061d%2F0f44zge_processed.png&w=3840&q=75)
Transcribed Image Text:7. Keaubie Co. sold office equipment that originally cost $32,000, for $3,500 cash. The equipment
had accumulated depreciation in the amount of $27,000. Record the sale of the equipment.
Accounts
Debit
Ref.
Credit
Date
8. Assume Keaubie Co. sold the equipment in #7 for $5,000 cash and had accumulated
depreciation in the amount of $28,500. Record the sale.
Accounts
Ref.
Date
Debit
Credit
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