Solve this accounting questions On December 31, Pong Inc own a $6,500 lathing machine, purchased on November 1, with afive-year estimated life. It estimates a residual value of $500 and records depreciation usingthe straight-line method.What is the journal entry to recorded depreciation for this machine assuming no entry hasbeen made to date?

Step 1: Define Depreciation RateThe use of depreciation rate is essential for several reasons in…

Answered: On December 31, Pong Inc own a $6,500…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...

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On December 31, 2025, Wildhorse Inc. has a machine with a book value of $1,278,400. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value (a) Depreciation is computed at $81,600 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. Date Your answer is partially correct. ug. 31, 2026 $1,768,000 A fire completely destroys the machine on August 31, 2026. An insurance settlement of $584,800 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit…
On April 1, 20-3, Kwik Kopy Printing purchased a copy machine for $50,000. The estimated life of the machine is five years, and it has an estimated salvage value of $5,000. The machine was used until July 1, 20-6. Required: 1. Assume that Kwik Kopy uses straight-line depreciation and prepare the following entries: (a) Adjusting entries for depreciation on December 31 of 20-3 through 20-5. (b) Adjusting entry for depreciation on June 30, 20-6, just prior to trading in the asset. (c) On July 1, 20-6, the copy machine was traded in for a new copy machine. The market value of the new machine is $38,000. Kwik Kopy must trade in the old copy machine and pay $22,000 for the new machine. 2. Assume that Kwik Kopy uses sum-of-the-years’-digits depreciation and prepare the following entries: (a) Adjusting entries for depreciation on December 31, 20-3 through 20-5. (b) Adjusting entry for depreciation on June 30, 20-6, just prior to trading in the asset. (c) On July 1, 20-6, the…
create the journal entry for depreciation for the end of the first year FOR BOTH straight line depreciation and units-of-activity. You then need to create the journal entry to record the sale of that item at the end of its life assuming the straight line method was used to record depreciation for the life of the item. A&C Property Management, LLC purchased a piece of equipment that cost $10,000 and spent $2000 on its delivery. The expected life of the equipment is 20 years and salvage value is expected to be $5000 at the end of the 10th year. A&C Property Management, LLC also invested in some property for storage and a warehouse at that same time. The storage property was purchased at $100,000, and the warehouse was purchased for $50,000. The salvage value of the warehouse is expected to be $5000 while its expected life is 25 years. The equipment purchased 4 years ago was sold to an individual for $7,500. While the warehouse was sold at the end of the 5th year at the…
On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation.
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On August 31, 2018, Option Landscapes discarded equipment that had a cost of $16,500. Accumulated Depreciation as of December 31, 2017, was $15,000. Assume annual depreciation on the equipment is $1,500. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Here are selected 2022 transactions of Ayayai Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $60,000 and had a useful life of 10 years with no salvage value. June 30 Dec. 31 Date Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Ayayai Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Accumulated Depreciation Equipment Jan 1 Sold a computer that was purchased on January 1, 2019. The computer cost $35,000 and had a useful life of 5 years with no salvage value. The computer was…
Give me Journal Entries in table format
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