GA
Ghaith Alshorman
Answers (2)
GA
Answered
An income statement account that is used to record cash overages and cash shortages arising from petty cash transactions or from errors in making change is titled:
A) Cash Lost.
B) Bank Reconciliation.
C) Petty Cash.
D) Cash Over and Short.
E) Cash Receivable.
A) Cash Lost.
B) Bank Reconciliation.
C) Petty Cash.
D) Cash Over and Short.
E) Cash Receivable.
On Jul 01, 2024
D
GA
Answered
On July 1, Andrew Company purchased equipment at a cost of $150,000 that has a depreciable cost of $120,000 and an estimated useful life of three years or 60,000 hours.Using straight-line depreciation, prepare the journal entry to record depreciation expense for
(a) the first year,
(b) the second year, and
(c) the last year.
(a) the first year,
(b) the second year, and
(c) the last year.
On Jun 30, 2024
$120,000 ÷ 3 years = $40,000 per full year$40,000 × 6/12 = $20,000 for first and final
(partial) years
(a) Depreciation Expense 20,000Accumulated Depreciation 20,000
(b) Depreciation Expense 40,000Accumulated Depreciation 40,000
(c) Depreciation Expense 20,000Accumulated Depreciation 20,000
(partial) years
(a) Depreciation Expense 20,000Accumulated Depreciation 20,000
(b) Depreciation Expense 40,000Accumulated Depreciation 40,000
(c) Depreciation Expense 20,000Accumulated Depreciation 20,000