John's Tree Service depreciation for the month is $500. The adjusting journal entry is: O A. Depreciation Expense 500 Equipment 500 O B. Accumulated Depreciation Depreciation Expense 500 500 O C. Depreciation Expense 500 Accumulated Depreciation 500
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- Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?A table was purchased for RO 1200 and the depreciation is computed at the rate of 15%. What is the book value at the end of second year by using Written down value method? a. RO 1020 b. RO 867 c. RO 180 d. RO 153Calculate the Annual Depreciation for each listed asset. Assume the assets were purchased on January 1st and used for 12 months. The first asset has been completed. Utilize the straight-line depreciation method: (Original cost - Estimated Salvage Value) / Estimated Useful Life = Annual Depreciation Plant Asset Cash register Computer Vehicle Machinery Desk Asset Original Cost 500.00 4,500.00 15,500.00 8,000.00 2,500.00 Calculate the amount to be depreciated: Annual Depreciation Cash register Computer Vehicle Machinery Desk Estimated Salvage Value 25.00 800.00 3,000.00 1,200.00 200.00 67.86 Estimated Useful Life 7 years 5 years 10 years 5 years 15 years Questions? Contact your instructor!
- If a fixed asset, such as a computer, were purchased on January 1 for $1,603 with an estimated life of 5 years and a salvage or residual value of $127, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 24.60 Accumulated Depreciation 24.60 295.20 Ob. Accumulated Depreciation Depreciation Expense 24.60 Oc. Accumulated Depreciation Depreciation Expense Od. Depreciation Expense 295.20 Accumulated Depreciation 295.20 24.60 295.20If a fixed asset, such as a computer, were purchased on January 1 for $1,542 with an estimated life of 3 years and a salvage or residual value of $114, the journal entry for monthly expense under straight-line depreciation is O = Depreciation Expense. Ob Accumulated Depreciation Depreciation Expense Ос Accumulated Depreciation Depreciation Expense Od Accumulated Depreciation Accumulated Depreciation Depreciation Expense 39.67 476.00 476.00 39.67 39.67 476.00 476.00 39.67On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? P 30,400 P 34,000 P 34,000 P 32,400
- Depreciation on equipment for the year is $3,600. a. Record the journal entry if the company prepares adjustments once a year. If an amount box does not require an entry, leave it blank. fill in the blank b11d55fe2033026_2 fill in the blank b11d55fe2033026_3 fill in the blank b11d55fe2033026_5 fill in the blank b11d55fe2033026_6 b. Record the journal entry if the company prepares adjustments on a monthly basis. If an amount box does not require an entry, leave it blank. fill in the blank 391599fc405903f_2 fill in the blank 391599fc405903f_3B. D E G H. J K 3. Create the fixed asset supporting schedule for the following purchases: Two fixed assets are purchased during the year: Computer server on 5/4/2014 for $2,214.55 Office furniture on 11/17/2014 for $1,234.54 MACRS 150% is going to be the depreciation method used and depreciation adjusting entries are made at the end of each month. (check figure: total depreciation expense = 107.63) What will be the depreciation general journal adjusting entry on 12/31/2014?If a fixed asset, such as a computer, were purchased on January 1 for $2,027 with an estimated life of 5 years and a salvage or residual value of $247, the journal entry for monthly expense under straight-line depreciation is a. Accumulated Depreciation Depreciation Expense b. Depreciation Expense Accumulated Depreciation c. Depreciation Expense Accumulated Depreciation d. Accumulated Depreciation Depreciation Expense 356.00 29.67 356.00 29.67 356.00 29.67 356.00 29.67
- Using the following information: A. make the December 31 adjusting journal entry for depreciation B. determine the net book value (NBV) of the asset on December 31 Cost of asset, $250,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000Sale of Equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. Chart of Accounts CHART OF ACCOUNTS Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for 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…If a fixed asset, such as a computer, were purchased on January 1 for $2,230 with an estimated life of 4 years and a salvage or residual value of $151, the journal entry for monthly expense under straight-line depreciation is a. Depreciation Expense 43.31 Accumulated Depreciation 43.31 b. Accumulated Depreciation 43.31 Depreciation Expense 43.31 c. Accumulated Depreciation 519.75 Depreciation Expense 519.75 d. Depreciation Expense 519.75 Accumulated Depreciation 519.75