On January 1, 2024, XYZ Corporation purchased office equipment for $50,000, paying $20,000 in cash and signing a note payable for the remaining $30,000. The office equipment has an estimated useful life of 10 years, and XYZ Corporation uses straight-line depreciation with no salvage value. At the end of the year, the company records depreciation for the office equipment. What are the journal entries required for the initial purchase of the equipment and the year-end depreciation? On March 15, 2024, ABC Company purchased a delivery truck for $80,000. The company paid $50,000 in cash and financed the remaining $30,000 with a 5-year loan. The delivery truck has an estimated useful life of 8 years and a salvage value of $8,000. At the end of the year, ABC Company records depreciation for the truck using the straight-line method. What are the journal entries required for the purchase and year-end depreciation? On September 1, 2024, DEF Enterprises purchased new office furniture for $15,000. The company paid the full amount in cash. The furniture is expected to have a useful life of 5 years and no salvage value. At the end of the year, DEF Enterprises records depreciation for the office furniture. What are the journal entries required for the purchase of the furniture and the year- end depreciation?
On January 1, 2024, XYZ Corporation purchased office equipment for $50,000, paying $20,000 in cash and signing a note payable for the remaining $30,000. The office equipment has an estimated useful life of 10 years, and XYZ Corporation uses straight-line depreciation with no salvage value. At the end of the year, the company records depreciation for the office equipment. What are the journal entries required for the initial purchase of the equipment and the year-end depreciation? On March 15, 2024, ABC Company purchased a delivery truck for $80,000. The company paid $50,000 in cash and financed the remaining $30,000 with a 5-year loan. The delivery truck has an estimated useful life of 8 years and a salvage value of $8,000. At the end of the year, ABC Company records depreciation for the truck using the straight-line method. What are the journal entries required for the purchase and year-end depreciation? On September 1, 2024, DEF Enterprises purchased new office furniture for $15,000. The company paid the full amount in cash. The furniture is expected to have a useful life of 5 years and no salvage value. At the end of the year, DEF Enterprises records depreciation for the office furniture. What are the journal entries required for the purchase of the furniture and the year- end depreciation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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