Chapter 3, Problem 4BE

Using the following information, Make the December 31 adjusting journal entry for depreciation. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000

Sheridan Company purchased equipment for $7190 on December 1. It is estimated that annual depreciation on the equipment will be $1560. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:     Debit Depreciation Expense, $5630; Credit Accumulated Depreciation, $5630.   Debit Equipment, $7190; Credit Accumulated Depreciation, $7190.   Debit Depreciation Expense, $1560; Credit Accumulated Depreciation, $1560.   Debit Depreciation Expense, $130; Credit Accumulated Depreciation, $130.

At the end of its first year, the trial balance of Carla Vista Company shows Equipment $34, 600 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $ 3,600. Prepare the annual adjusting entry for depreciation at December 31. List all debit entries before credit entries. At the end of its first year, the trial balance of Carla Vista Company shows Equipment $34,600 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,600. Prepare the annual adjusting entry for depreciation at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

At the end of its first year, the trial balance of Pharoah Company shows Equipment $22,800 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,000.

On December 1, delivery equipment was purchased for $8,928. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value. Question Content Area Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal.     DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 20-- Dec. 31 Depr. Expense - Delivery Equipment           2   Accum. Depr. - Delivery Equipment

Read the description of the following adjustments that are required at the end of the accounting period for Paulo Consulting Services. Record the necessary journal entries required at the end of January. (Round your answers to the nearest whole dollar.) Equipment was purchased on January 1, 20X1, for $45,000 and has an estimated useful life of 8 years with a salvage value of 3,720. Depreciation is computed using the straight-line method. Signed a 5-month contract for $6,210 of prepaid advertising on January 1, 20X1. Prepaid rent for the year on January 1, 20X1, in the amount of 26,950.  Purchased supplies for $7,000 on January 1, 20X1. Inventory of supplies was $5,650 on January 31, 20X1. Do not give answer in image

Bramble Company purchased equipment for $31200 on December 1. It is estimated that annual depreciation on the equipment will be $7800. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: A) Debit Equipment, $31200; Credit Accumulated Depreciation, $31200. B) Debit Depreciation Expense, $650; Credit Accumulated Depreciation, $650. C) Debit Depreciation Expense, $23400; Credit Accumulated Depreciation, $23400. D) Debit Depreciation Expense, $7800; Credit Accumulated Depreciation, $7800.

At the end of its first year of operations, the trial balance of Bramble Company shows Equipment $28, 540 and zero balances in Accumulated Depreciation- Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,160. Prepare the adjusting entry for depreciation at December 31.

Calculate the Annual Depreciation for each listed asset. Assume the assets were purchased on January 1st and used for 12 months. The first asset has been completed. Utilize the straight-line depreciation method: (Original cost - Estimated Salvage Value) / Estimated Useful Life = Annual Depreciation Plant Asset Cash register Computer Vehicle Machinery Desk Asset Original Cost 500.00 4,500.00 15,500.00 8,000.00 2,500.00 Calculate the amount to be depreciated: Annual Depreciation Cash register Computer Vehicle Machinery Desk Estimated Salvage Value 25.00 800.00 3,000.00 1,200.00 200.00 67.86 Estimated Useful Life 7 years 5 years 10 years 5 years 15 years Questions? Contact your instructor!