Question
1.The purchase price of the truck includes the Artwork for $4,000 (T/F) 2. The journal entry to recognize the purchase of the truck will be:
1.The purchase price of the truck includes the Artwork for $4,000 (T/F)
2. The journal entry to recognize the purchase of the truck will be:
3.The Depreciation Expense in 2019 will be for:(____months)
4. To recognize Depreciation Expense, the journal entry would include:
Group of answer choices
a)CR Accumulated Depreciation
b)DR Accumulated Depreciation
c)CR Truck
d)CR Depreciation Expense
5.Depreciation Expense for Year 3 would be:
6.Which method of calculating depreciation expense is the LEAST accurate?
a)Straight-Line
b)Double Declining Balance
c)Units of Production
d)All methods are equally accurate
7.The Gain on Sale of the Truck is entered as a:
a)cr
b)dr
c)expense
d)receivable
8.At the time of sale, the balance in Accumulated Depreciation is:
9. At the time of sale, the balance in Accumulated Depreciation is:
10. At the time of sale, Cash is debited for:
1. Prepare journal entries related to a piece of equipment. SHO W WORK a. Determine the acquisition cost of a truck, using the following info: Purchase Price 2$ 2$ Registration & Vehicle License Fee Artwork for business logo, phone nu 2$ 275,000 27,500 5,500 4,000 2,400 7/1/2019 $55,000 is Down Payment Sales Tax Insurance b. Purchase date: Cash Down Payment: Note Payable: Record straight-line depreciation expense for the year ended 12/31/1 Useful Life in years 5 Salvage Value Record the sale of the asset on 12/31/23 $25,000 d. Sales price $65,000 SHOW WORK TO SUPPORT ALL JOURNAL ENTRIES Debit Credit
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