Write the journal entries for each of the following: 1. Kobalt Powers bought a new machinery for $15,000,000. It expects to use this for 30 years and it has zero residual value. What is the depreciation expense for the year? And what is the accounting entry? 2. Keith Manufacturers utilities expense is normally $65,000. For the month of December 2022, it hasn't received the invoice from the utility company. What is the adjusting entry?

Q: Prepare closing journal entries

A: Closing entries are recorded at the end of the period to close the temporary accounts to the income…

Q: CLOSING JOURNAL PREPARATIONS

A: Accounting is defined as work carried out by the bookkeeper or an accountant in which the business…

Q: Give a detailed description of and explanation of the closure procedure and closing entries.

A: Entries are being closed.Closing entries are entries made after an accounting period. Process of…

Q: Define closing entries and their purpose.

A: Closing Entries: Closing entries are those journal entries which are passed to transfer the balances…

Q: Prepare closing entries and post to the accounts.

A: Answer c) The process of recording business transactions in the books of accounts for the first time…

Q: Required information [The following information applies to the questions displayed below.] a. Wages…

A: A general journal is a daybook or subsidiary journal in which transactions relating to adjustment…

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A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: Transferring journal entries to the ledger accounts is called posting and should be per­formed in…

A: Ledger posting is the process of transferring information from general journal entries to the…

Q: How do you start a new ledger with the reversing entries?

A: The reversing entries are prepared to cancel the adjustment entries made at the year end.

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A: Ledgers - Ledgers are the columnar form of journal entries. All the transactions after are recorded…

Q: prepare closing entries

A: Closing entries are also important for preparing for the next accounting period. By resetting the…

Q: Described below are certain transactions of Teal Corporation. The company uses the periodic…

A: journal entries are an important step in recording the financial transactions of a business. These…

Q: Define the term closing entries.

A: Closing entries are journal entries made at the end of accounting period in which temporary account…

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A: Posting is made to the general ledger and not from general ledger and the question has been answered…

Q: Journalize the transactions.

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: How to write a ledger

A: An accounting ledger is a bookkeeping account or record that keeps track of activities on the…

Q: Explain General Journal, Ledger and trial balance.

A: Entries represent the transactions or events reported by the corporation from its day-to-day…

Q: Given the following transactions for Dumfries Company during the month of October2021. 1.…

A: Dumfries Company {During the Month of October} Date Accounts title Debit  Credit         1…

Q: Explanation of the steps to be followed while closing entries.

A: A closing entry seems to be a journal entry performed at the conclusion of an accounting cycle that…

Q: Where are the opening b

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Q: What is the purpose of a journal? What is the purpose of a general ledger?

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.