Wildhorse Company uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions occurred during 2025. Jan. 1 May 13 Purchased equipment from the Indigo Company on account for $14,700 plus sales tax of $1,975 and shipping costs of $625. Paid for $540 routine maintenance on the equipment. Dec. 31 Recorded 2025 depreciation on the basis of a 3-year life and estimated salvage value of $6,950. Prepare the necessary entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Wildhorse Company uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions occurred during 2025. Jan. 1 May 13 Purchased equipment from the Indigo Company on account for $14,700 plus sales tax of $1,975 and shipping costs of $625. Paid for $540 routine maintenance on the equipment. Dec. 31 Recorded 2025 depreciation on the basis of a 3-year life and estimated salvage value of $6,950. Prepare the necessary entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Name: Wildhorse Company uses the straight-line method of depreciation. The
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Description: Wildhorse Company uses the straight-line method of depreciation. The company's fiscal year end is December 31. The followingtransactions occurred during 2025.Jan. 1May 13Dec. 31Purchased equipment from the Indigo Company on account for $14,700 plus

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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