Journal entry is recording of all accounting transaction in a chronological order. Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset. Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset. We have to allocate the cost among asset and journalize the transaction. Date Particulars Debit ($) Credit ($) XXX Land 158,152 Land improvements 59,307 Building 177,921 Cash 395,380 ( To record purchases of assets) Particulars Appraised value Total allocated cost Land 157,040 157,040/ 392,600395,380 = 158,152 Land improvements 58,890 58,890/ 392,600395,380 = 59,307 Building 176,670 176,670/ 392,600*395,380 = 177,921 Total 392,600 395,380 Date Particulars Debit ($) Credit ($) XXX Land 158,152 Land improvements 59,307 Building 177,921 Cash 395,380 ( To record purchases of assets) The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

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Answer 1

Question

Chapter 10, Problem 3E

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to allocate the cost among asset and journalize the transaction.

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

Particulars Appraised value Total allocated cost
Land 157,040 157,040/ 392,600395,380 = 158,152
Land improvements 58,890 58,890/ 392,600395,380 = 59,307
Building 176,670 176,670/ 392,600*395,380 = 177,921
Total 392,600 395,380

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

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Answer 2

Question

Chapter 10, Problem 3E

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to allocate the cost among asset and journalize the transaction.

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

Particulars Appraised value Total allocated cost
Land 157,040 157,040/ 392,600395,380 = 158,152
Land improvements 58,890 58,890/ 392,600395,380 = 59,307
Building 176,670 176,670/ 392,600*395,380 = 177,921
Total 392,600 395,380

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

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Answer 3

Question

Chapter 10, Problem 3E

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to allocate the cost among asset and journalize the transaction.

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

Particulars Appraised value Total allocated cost
Land 157,040 157,040/ 392,600395,380 = 158,152
Land improvements 58,890 58,890/ 392,600395,380 = 59,307
Building 176,670 176,670/ 392,600*395,380 = 177,921
Total 392,600 395,380

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

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Answer 4

Question

Chapter 10, Problem 3E

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to allocate the cost among asset and journalize the transaction.

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

Particulars Appraised value Total allocated cost
Land 157,040 157,040/ 392,600395,380 = 158,152
Land improvements 58,890 58,890/ 392,600395,380 = 59,307
Building 176,670 176,670/ 392,600*395,380 = 177,921
Total 392,600 395,380

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

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Answer 5

Chapter 10, Problem 3E

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to allocate the cost among asset and journalize the transaction.

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

Particulars Appraised value Total allocated cost
Land 157,040 157,040/ 392,600395,380 = 158,152
Land improvements 58,890 58,890/ 392,600395,380 = 59,307
Building 176,670 176,670/ 392,600*395,380 = 177,921
Total 392,600 395,380

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

Answer 6

Chapter 10, Problem 3E

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to allocate the cost among asset and journalize the transaction.

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

Particulars Appraised value Total allocated cost
Land 157,040 157,040/ 392,600395,380 = 158,152
Land improvements 58,890 58,890/ 392,600395,380 = 59,307
Building 176,670 176,670/ 392,600*395,380 = 177,921
Total 392,600 395,380

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

Answer 7

Chapter 10, Problem 3E

To determine

Concept Introduction:

Journal entry is recording of all accounting transaction in a chronological order.

Straight line depreciation is a method of depreciation in which asset is depreciated over its useful life constantly. In this method depreciated is calculated by dividing cost of asset less salvage value by useful life of an asset.

Double declining method of depreciation is a method of depreciation in which rate is doubled according to the useful life of an asset.

We have to allocate the cost among asset and journalize the transaction.

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

Particulars Appraised value Total allocated cost
Land 157,040 157,040/ 392,600395,380 = 158,152
Land improvements 58,890 58,890/ 392,600395,380 = 59,307
Building 176,670 176,670/ 392,600*395,380 = 177,921
Total 392,600 395,380

Date Particulars Debit ($) Credit ($)
XXX Land 158,152
Land improvements 59,307
Building 177,921
Cash 395,380
( To record purchases of assets)

The above answer can be explained as Land account, Land improvements accounts and building account will be debited and cash account will be credited.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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

Date	Particulars	Debit ($)	Credit ($)
XXX	Land	158,152
	Land improvements	59,307
	Building	177,921
	Cash		395,380
	( To record purchases of assets)

Particulars	Appraised value	Total allocated cost
Land	157,040	157,040/ 392,600*395,380 = 158,152
Land improvements	58,890	58,890/ 392,600*395,380 = 59,307
Building	176,670	176,670/ 392,600*395,380 = 177,921
Total	392,600	395,380

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Chapter 10 Solutions