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Record depreciation at March 31, 2024, 2025, and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) Date lar. 31, 2024 lar. 31, 2025 lar. 31, 2026 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Debit 8,133 7,591 3,902 Credit 8,133 6,504 3,902 Record the disposal of the huts on July 31, 2026, under each of the following independent assumptions: (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) 1. 2. 3. ). They were sold for $83,800. They were sold for $43,800. They were retired for no proceeds. Date July 31 L) July 31 2) July 31 3) July 31 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings disposed) Cash Accumulated Depreciation - Buildings Gain on Disposal Buildings Cash Accumulated Depreciation - Buildings Loss on Disposal Buildings Accumulated Depreciation - Buildings Loss on Disposal Buildings Debit 10000⁰ Credit 1001 122,000 122,000 122,000

Record depreciation at March 31, 2024, 2025, and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) Date lar. 31, 2024 lar. 31, 2025 lar. 31, 2026 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Debit 8,133 7,591 3,902 Credit 8,133 6,504 3,902 Record the disposal of the huts on July 31, 2026, under each of the following independent assumptions: (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) 1. 2. 3. ). They were sold for $83,800. They were sold for $43,800. They were retired for no proceeds. Date July 31 L) July 31 2) July 31 3) July 31 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings disposed) Cash Accumulated Depreciation - Buildings Gain on Disposal Buildings Cash Accumulated Depreciation - Buildings Loss on Disposal Buildings Accumulated Depreciation - Buildings Loss on Disposal Buildings Debit 10000⁰ Credit 1001 122,000 122,000 122,000

FINANCIAL ACCOUNTING
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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Wildhorse Productions Corp purchased ice fishing huts on December 1, 2023, for a total of $122,000 in cash. At that time, these huts were estimated to have a useful life of 10 years and a residual value of $25,000. The huts were disposed of on July 31, 2026. Wildhorse uses double-diminishing-balance method at two times the straight-line depreciation raye, has a March 31 year end, and makes adjusting entries anually.

Record depreciation at March 31, 2024, 2025, and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) Date lar. 31, 2024 lar. 31, 2025 lar. 31, 2026 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Debit 8,133 7,591 3,902 Credit 8,133 6,504 3,902
Transcribed Image Text:Record depreciation at March 31, 2024, 2025, and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) Date lar. 31, 2024 lar. 31, 2025 lar. 31, 2026 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Debit 8,133 7,591 3,902 Credit 8,133 6,504 3,902
Record the disposal of the huts on July 31, 2026, under each of the following independent assumptions: (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) 1. 2. 3. ). They were sold for $83,800. They were sold for $43,800. They were retired for no proceeds. Date July 31 L) July 31 2) July 31 3) July 31 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings disposed) Cash Accumulated Depreciation - Buildings Gain on Disposal Buildings Cash Accumulated Depreciation - Buildings Loss on Disposal Buildings Accumulated Depreciation - Buildings Loss on Disposal Buildings Debit 10000⁰ Credit 1001 122,000 122,000 122,000
Transcribed Image Text:Record the disposal of the huts on July 31, 2026, under each of the following independent assumptions: (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) 1. 2. 3. ). They were sold for $83,800. They were sold for $43,800. They were retired for no proceeds. Date July 31 L) July 31 2) July 31 3) July 31 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings disposed) Cash Accumulated Depreciation - Buildings Gain on Disposal Buildings Cash Accumulated Depreciation - Buildings Loss on Disposal Buildings Accumulated Depreciation - Buildings Loss on Disposal Buildings Debit 10000⁰ Credit 1001 122,000 122,000 122,000
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