Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. Depreciation : Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset. Straight Line Method : Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset. To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

Question

Want to see the full answer?

Answer 1

Question

Chapter 10, Problem 10.10E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Depreciation: Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset.

Straight Line Method: Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset.

To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

(d)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is raghus contribution margin rate?

After the first payment was made the note payable liability

What was the company's opereting cash flow? Given answer

Answer 2

Question

Chapter 10, Problem 10.10E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Depreciation: Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset.

Straight Line Method: Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset.

To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

(d)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 10, Problem 10.10E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Depreciation: Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset.

Straight Line Method: Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset.

To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

(d)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 10, Problem 10.10E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Depreciation: Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset.

Straight Line Method: Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset.

To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

(d)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 10, Problem 10.10E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Depreciation: Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset.

Straight Line Method: Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset.

To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

(d)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Answer 6

Chapter 10, Problem 10.10E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Depreciation: Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset.

Straight Line Method: Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset.

To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

Answer 7

Chapter 10, Problem 10.10E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Depreciation: Depreciation refers to a method of accounting under which the value of a fixed asset is written off during the life of that asset.

Straight Line Method: Under the straight line method, the value of the asset left after deduction of the salvage value is depreciated by same amount throughout the life of the asset.

To Prepare: The journal entry for sale of equipment for $31,000 on Jan. 1, 2017.

Answer 8

(b)

To determine

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

Answer 9

(b)

To determine

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

Answer 10

(c)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

Answer 11

(c)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

Answer 12

(d)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Answer 13

(d)

To determine

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

Ch. 10 - Prob. 1Q Ch. 10 - Prob. 2Q Ch. 10 - Prob. 3Q Ch. 10 - Prob. 4Q Ch. 10 - Prob. 5Q Ch. 10 - Prob. 6Q Ch. 10 - Prob. 7Q Ch. 10 - Prob. 8Q Ch. 10 - Prob. 9Q Ch. 10 - Prob. 10Q

Concept explainers

Videos

To Prepare: The journal entry for sale of equipment for $31,000 on May 1, 2017.

To Prepare: The journal entry for sale of equipment for $11,000 on Jan. 1, 2017.

To Prepare: The journal entry for sale of equipment for $11,000 on Oct. 1, 2017.

Want to see the full answer?

Chapter 10 Solutions