Property journal entries ames corp purchased equipment for, Ask an Expert

Accounting

Property Journal Entries. Ames Corp. purchased equipment for cash of $55,000 and placed it in service at the beginning of the year. The equipment has a residual value of $7,000 and a useful life of 3 years. Straight-line depreciation is used. At the end of the second year, Ames sold the equipment for cash of $20,000. Journalize the following:

a. Purchase of equipment.

b. Depreciation for Year 1

c. Depreciation for Year 2

d. Sale of equipment.

Depreciation for Partial Year. Assume the same as problem 4 above, except that the machine was placed into service on October 1 of Year one.

a. Purchase of equipment.

b. Depreciation for Year 1

c. Depreciation for Year 2

d. Sale of equipment.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9983337

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question in this case management is presented with several

Question: In this case, management is presented with several decision options. For this assignment, you are required to provide a two to three single-spaced written memo evaluating options and providing recommendations. ...

Question - on december 31 2017 cheyenne company signed a

Question - On December 31, 2017, Cheyenne Company signed a $1,054,800 note to Ayayai Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in ...

Case study oneon 1 january 2017 nicolaidis ltd purchased

Case Study One: On 1 January 2017, Nicolaidis Ltd purchased two identical new machines at a total cost of $700 000 plus GST. It was estimated that the machines would have a useful life of 10 years and a residual value of ...

Question - sheffield corporation operates a retail computer

Question - Sheffield Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2017. The terms of acquisition for each truck are described ...

Question - during the past few years abc company has taken

Question - During the past few years, ABC Company has taken out the following loans from the bank: 1. On August 1, 2017, ABC Company borrowed $18,000 on a 9%, 11-month note payable. 2. On February 1, 2018, ABC Company bo ...

Question - at the end of 2016 retained earnings for the

Question - At the end of 2016, retained earnings for the Baker Company was $2,550. Revenue earned by the company in 2016 was $2,800, expenses paid during the period were $1,500, and dividends paid during the period were ...

Question 1why is it important to track investment property

Question: 1. Why is it important to track investment property, plant, and equipment? 2. How does the Accumulated Depreciation account play into the tracking of the value of Property, Plan, and Equipment? 3. Why is this i ...

Question - the following data are related to copy paste and

Question - The following data are related to Copy, Paste, and Attach (CPA) Corp's Ending Inventory (Inventory is valued as of December 31 of each year provided, which is CPA Corp's year-end): Year Price Index Inventory a ...

Question - suppose pampg and gillette went ahead with the

Question - Suppose P&G and Gillette went ahead with the taxable acquisition. The next question is whether P&G would find it in beneficial to make a 338 election with respect to Gillette. Assume that the tax basis of Gill ...

Question - prepare bank reconciliation and related

Question - Prepare bank reconciliation and related entries On October 31, 2017, Lisik Company had a cash balance per books of $8,946. The bank statement on that date showed a balance of $10,155. A comparison of the state ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert