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

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Q: CLOSING JOURNAL PREPARATIONS

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

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

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Q: Closing journal entry preparation daily driver inc

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Q: prepare closing entries

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Q: Define the term closing entries.

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Q: Journalize the transactions.

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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.