A company recorded $3,500 of depreciation on its factory building. Prepare the general journal entry to record this transaction.

DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $3,510 for office equipment and $7,650 for production equipment. Required:   Prepare the two entries to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTS DogMart Company General Ledger   ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment 17 Accumulated Depreciation-Office Equipment 18 Production Equipment 19 Accumulated Depreciation-Production Equipment   LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Salary Payable 25 Interest Payable   EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends   REVENUE 41 Fees Earned   EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57…

Preview Work Discuss the appropriate treatment in the financial statements of each of the following. (a) Write-down of plant assets due to impairment. (b) A delivery expense on goods -107 sold. (c) Additional depreciation on factory machinery because of an error in computing depreciation for the previous year. (d) Rent received from subletting a portion of the office space. (e) A patent, infringement suit, brought 2 years ago against the company by Writing et ID: 5790953 er companyV, was settled this year by a cash payment of $725.000, (f) A reduction in the Allowance for Doubtful Accounts balance, because the account excess of the probable less from uncoliectible receivables, 15:35

On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $238,400 and has accumulated depreciation of $214,560. Depreciation has been recorded up to the end of the year. Which of the following will be included in the journal entry for the disposal? a. Loss on Disposal of Asset, debit, $214,560 b. Accumulated Depreciation, debit, $238,400 c. Gain on Disposal of Asset, credit, $23,840 d. Equipment, credit, $238,400

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Prepare the necessary journal entries to record the following transactions in 2013 for the Hoover Company.  April  13 - Sold a delivery truck for $7,000. The delivery truck originally cost $45,000 and had accumulated depreciation of $41,000 on the date of sale. Assume the depreciation on the truck has already been recorded for the current year. May  13 - Discarded old mixing equipment that originally cost $100,000 and had a book value of $14,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year. Oct.   13 - Sold a toaster for $5,000. The toaster originally cost $30,000 and had accumulated depreciation of $22,000 on the date of sale. Assume the depreciation on the toaster has already been recorded for the current year.

Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation.     Debit Credit Dec 31 ? 40,000            ?   40,000

On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $206,400 and has accumulated depreciation of $185,760. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Equipment, credit, $206,400 b.Gain on Disposal of Asset, credit, $20,640 c.Accumulated Depreciation, debit, $206,400 d.Loss on Disposal of Asset, debit, $185,760

On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $230,200 and has accumulated depreciation of $207,180.00. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? Oa. Accumulated Depreciation, debit, $230,200 Ob. Loss on Disposal of Asset, debit, $207,180.00 Oc. Gain on Disposal of Asset, credit, $23,020.00 Od. Equipment, credit, $230,200 Previous Next

A company purchased and installed equipment on January 1 at a total cost of $72,000.      Straight-line depreciation was calculated based on the assumption of a 5-year life and no salvage value.    The equipment was disposed of on July 1 of the fourth year. The company's year-end is December 31.             1. Prepare the general journal entry to update depreciation to July 1 in the fourth year.               2. Prepare the general journal entry to record the disposal of the equipment under each of these three independent situations:           a. The equipment was sold for $22,000 cash. (Remember to calculate accumulated depreciation.  A full year of  depreciation for the first 3 years and then the partial year for the fourth year calculated above).             b. The equipment was sold for $15,000 cash. (Remember accumulated depreciation)               c. The equipment was totally destroyed in a fire and the insurance company settled the claim for $18,000…