Questions from College Accounting

Q: A light truck is purchased on January 1 at a cost of

A light truck is purchased on January 1 at a cost of $19,000. It is expected to serve for five years and have a salvage value of $1,000. Calculate the depreciation expense for the first and third year...

Q: The truck purchased in Exercise 18-2B is expected to be

The truck purchased in Exercise 18-2B is expected to be used for 100,000 miles over its five-year useful life. Exercise 18-2: A light truck is purchased on January 1 at a cost of $19,000. It is expe...

Q: Enter the following transactions for Larry’s Lawn Service in a general journal

Enter the following transactions for Larry’s Lawn Service in a general journal: 1. Added a second mower deck to Tractor A for $550 cash to decrease mowing time. 2. Replaced the engine in Mower D for $...

Q: Prepare the entries for the following transactions using a general journal:

Prepare the entries for the following transactions using a general journal: 1. Discarding an asset. (a) On January 4, shelving units, which had a cost of $7,200 and accumulated depreciation of $6,900,...

Q: Prepare the following entries using a general journal: 1.

Prepare the following entries using a general journal: 1. A coal mine was acquired at a cost of $1,750,000 and estimated to contain 2,500,000 tons of ore. During the year, 110,000 tons were mined and...

Q: A machine is purchased January 1 at a cost of $77

A machine is purchased January 1 at a cost of $77,000. It is expected to serve for eight years and have a salvage value of $5,000. REQUIRED 1. Prepare a schedule showing depreciation for each year an...

Q: A machine is purchased January 1 at a cost of $

A machine is purchased January 1 at a cost of $58,000. It is expected to produce 110,000 units and have a salvage value of $3,000 at the end of its useful life. Units produced are as follows: Year 1 …...

Q: What steps are followed in posting from the cash receipts journal to

What steps are followed in posting from the cash receipts journal to the general ledger?

Q: Equipment records for Byerly Construction Co. for the year follow.

Equipment records for Byerly Construction Co. for the year follow. Byerly Construction uses the straight-line method of depreciation. In the case of assets acquired by the fifteenth day of the month,...

Q: Sharon Usher and Leann Gomez agreed on September 1 to go into

Sharon Usher and Leann Gomez agreed on September 1 to go into business as partners. According to the agreement, Usher is to contribute $30,000 cash and Gomez is to contribute $50,000 cash. Provide a s...