On June 15, 2023, Discount Furniture discarded equipment that had a cost of $26,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jun. 15 Accounts and Explanation Debit Credit

On June 15, 2023, Discount Furniture discarded equipment that had a cost of $26,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jun. 15 Accounts and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 15E: The following are independent errors: a. In January 2019, repair costs of 9,000 were debited to the...

See similar textbooks

Similar questions

On June 15, 2023, Antique Furniture discarded equipment that had a cost of $20,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jun. 15
On June 15, 2023, Family Furniture discarded equipment that had a cost of $27,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date June 15 .. Accounts and Explanation Debit Credit
On June 15, 2024, Perfect Furniture discarded equipment that had a cost of $8,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Jun. 15 Accumulated Depreciation-Equipment Cash Depreciation Expense-Equipment Equipment Gain on Disposal Loss on Disposal Maintenance Expenses Debit Credit
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.)
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.
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. View transaction list Journal entry worksheet 1 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. Note: Enter debits before credits. Date Dec. 29 General Journal Debit Credit
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?
How do I prepare this journal entry
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d) Machine C 7/21/18 67,200 23,500 8 DDB (e) (f) Machine D (g) 225,570 71,070 5 SYD 72,100 (h)
Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Inventory Debit 4,800,000 Credit (b) Accumulated Depreciation - Equipment 4,800,000 Prepare the journal entry (if any) to record depreciation expense for 2026. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit (c) The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value.…
Journalize the following adjustments on the worksheet and complete the working papers: (1) The estimated life of the delivery van which was purchased on Jan. 1, 2021 is 12 years without salvage value. (2) The insurance policy purchased on October 1, 2021 is good for 24 months. (3) The unused cleaning supplies at December 31, 2021amount to P3,800. (4) Salaries incurred but not yet paid as of December 31, 2021 amounted to P 7,500. (5) Utilities incurred but not yet paid as of December 31, 2021 amounted to P 6,500. (6) P5,000 of the Laundry Revenue was not yet rendered as of December 31, 2021.