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 equipment scrapped with no value.

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Answer 1

Question

Chapter 10, Problem 10.6AP

(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 equipment scrapped with no value.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $21,000.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $31,000.

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Answer 2

Question

Chapter 10, Problem 10.6AP

(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 equipment scrapped with no value.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $21,000.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $31,000.

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Answer 3

Question

Chapter 10, Problem 10.6AP

(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 equipment scrapped with no value.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $21,000.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $31,000.

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Answer 4

Question

Chapter 10, Problem 10.6AP

(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 equipment scrapped with no value.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $21,000.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $31,000.

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Answer 5

Chapter 10, Problem 10.6AP

(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 equipment scrapped with no value.

(b)

To determine

To Prepare: The journal entry for sale of equipment for $21,000.

(c)

To determine

To Prepare: The journal entry for sale of equipment for $31,000.

Answer 6

Chapter 10, Problem 10.6AP

(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 equipment scrapped with no value.

Answer 7

Chapter 10, Problem 10.6AP

(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 equipment scrapped with no value.

Answer 8

(b)

To determine

To Prepare: The journal entry for sale of equipment for $21,000.

Answer 9

(b)

To determine

To Prepare: The journal entry for sale of equipment for $21,000.

Answer 10

(c)

To determine

To Prepare: The journal entry for sale of equipment for $31,000.

Answer 11

(c)

To determine

To Prepare: The journal entry for sale of equipment for $31,000.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

To Prepare: The journal entry for sale of equipment for $21,000.

To Prepare: The journal entry for sale of equipment for $31,000.

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