Company's accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the missing information for each account. 1. Accumulated depreciation equipment: Jan. 1 balance, $100,000; Dec. 31 balance, $120,000. One piece of equipment costing $40,000 which was 50% depreciated was sold. What adjusting entry was made? 2. Allowance for Doubtful Accounts: Jan. 1 balance, $40,000; Dec. 31 balance $45,00. During the year $15,000 of bad debts were written off. What was the adjusting entry?
Company's accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the missing information for each account. 1. Accumulated depreciation equipment: Jan. 1 balance, $100,000; Dec. 31 balance, $120,000. One piece of equipment costing $40,000 which was 50% depreciated was sold. What adjusting entry was made? 2. Allowance for Doubtful Accounts: Jan. 1 balance, $40,000; Dec. 31 balance $45,00. During the year $15,000 of bad debts were written off. What was the adjusting entry?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Company's accounting records provide the following information concerning certain
account balances and changes in the account balances during the current year.
Transaction information is missing from each of the below. Prepare the journal entry to
record the missing information for each account.
1. Accumulated depreciation equipment: Jan. 1 balance, $100,000; Dec. 31 balance,
$120,000. One piece of equipment costing $40,000 which was 50% depreciated was
sold. What adjusting entry was made?
2. Allowance for Doubtful Accounts: Jan. 1 balance, $40,000; Dec. 31 balance $45,00.
During the year $15,000 of bad debts were written off. What was the adjusting entry?
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