Web3 hours ago · Expert Answer. Situation 1: Kwok purchased equipment in 2016 for $120.000 and estimated a $12,000 residual value at the end of the equipment's 10-year useful life. At December 31,2024, there was $75,600 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2024, the … Webaccounting. QuickBooks automatically closes all revenue and expense accounts into a summary account. However, the user must make entries to close this summary account …
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WebApr 26, 2024 · A company can purchase office equipment on account and it is the case of purchase of office equipment on account or on credit. The Journal Entry should be the debit to office equipment accou nt and credit to the Accounts Payable Account. WebApr 10, 2024 · Accounting and journal entry for credit purchase includes 2 accounts, Creditor and Purchase. In case of a journal entry for cash purchase, ‘ Cash’ account and ‘ Purchase ‘ account are used. The person to whom the money is owed is called a “Creditor” and the amount owed is a current liability for the company. Purchase orders are ... hunching meaning
Answered: Pharoah Limited purchased a machine on… bartleby
WebThe May transactions of Marigold Corp. were as follows. May 4 Paid $780 due for supplies previously purchased on account. 7 Performed advisory services on account for $7,250. 8 Purchased supplies for $890 on account. 9 Purchased equipment for $1,560 in cash. 17 Paid employees $760 in cash. 22 Received bill for equipment repairs of $860. 29 Paid ... WebResearched and purchased new hardware to improve equipment reliability annually. Created a team culture of exceeding customer expectations, and exceeding all company performance goals and standards. WebDec 31, 2024 · Perdue Company purchased equipment on April 1, 2014, for 270,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of 9,000. The equipment was used for 7,500 hours during 2014, 5,500 hours in 2015, 4,000 hours in 2016, and 1,000 hours in 2024. Instructions Determine the amount … hunckem