On January 1, 2016, Mary Company purchased a building and machinery that havethe following useful lives, salvage value, and costs.Building, 25-year estimated useful life, $7,500,000 cost, $750,000 salvage valueMachinery, 10-year estimated useful life, $1,000,000 cost, no salvage valueThe building has been depreciated under the straight-line method through 2020. In2021, the company decided to switch to the double-declining balance method ofdepreciation for the building. Mary also decided to change the total useful life of themachinery to 8 years, with a salvage value of $50,000 at the end of that time. Themachinery is depreciated using the straight-line method. Prepare the journal entry necessary to record the depreciation expense on the building in 2021. (If no entry is required, select "Noentry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually.)Account Titles and ExplanationDepreciation ExpenseDebitCredit

The depreciation means the decrease in the value of the machine by constant use or wear and tear.…

Prepare the journal entry necessary to record the depreciation expense on the building in 2021. (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 now indent manually.) Account Titles and Explanation Depreciation Expense Debit Credit

Prepare the journal entry necessary to record the depreciation expense on the building in 2021. (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 now indent manually.) Account Titles and Explanation Depreciation Expense Debit Credit

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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Classifying balance sheet accounts For each account listed, identify the category in which it would appear on a classified balance sheet. Office Supplies Interest Payable Retained Earnings Copyrights Land Accumulated Depreciation—Furniture< Land (held for long-term investment purposes) Unearned Revenue</p> <p>i. Notes Payable (due in six years)
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Here are selected 2022 transactions of Riverbed Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $40,300 and had a useful life of 5 years with no salvage value. The computer was sold for $15,100 cash. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $33,780. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Riverbed 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…
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Instructions Chart of Accounts Journal The estimated amount of depreciation on CHART OF ACCOUNTS Journalize the adjusting entry to record the depreciation on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for equipment for the current year is $8,255. 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 credit amount is entered. General Ledger Journalize the adjusting entry to record the depreciation. Refer to the chart of accounts for the ASSETS REVENUE PAGE 10 exact wording of the account titles. CNOW journals 11 Cash 41 Fees Earned JOURNAL ACCOUNTING EQUATION do not use lines for journal explanations. Every line 12 Accounts Receivable DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY on a journal page is used for debit or credit entries. 13 Supplies EXPENSES Adjusting Entries CNOW journals will…