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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 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

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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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
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
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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