čial Accounting-2020101 Introduction to Financial Accounting / FINAL EXAM ACCT101 FALL 2020-2021Muscat Company purchased a computer for OMR 6,000 on July 1. The annual depreciation on the computer will be OMR 1200.the company should make the following adjusting entry on December 31:Select one:O a. Debit Depreciation Expense, OMR1200; Crdit Accumulated Depreciation, OMR1200.b. None of the answers are correctc. Debit Depreciation Expense, OMR 6,000; Credit Accumulated Depreciation, OMR6,000.d. Debit Office Equipment, OMR600; Credit Accumulated Depreciation, OMR600.e. Debit Depreciation Expense, OMR600; Credit Accumulated Depreciation, OMR600.Next page

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Muscat Company purchased a computer for OMR 6,000 on July 1. The annual depreciation on the computer will be OMR 1200. the company should make the following adjusting entry on December 31: Select one:

Muscat Company purchased a computer for OMR 6,000 on July 1. The annual depreciation on the computer will be OMR 1200. the company should make the following adjusting entry on December 31: Select one:

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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Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.a. Prepare the journal entry necessary for recording the purchase of the new carpet.b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method.
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Rakko, Inc. acquired a patent on January 1 for $70,000 cash. The patent was estimated to have a useful life of 14 years with no residual value. Required: Part a. Prepare the journal entry to record the acquisition of the patent on January 1. Part b. Prepare the journal entry to record the annual amortization as of Dec 31.
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Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $36,288. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Willow Creek Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Carpet 124 Accumulated Depreciation-Carpet 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131…