Accounts and Explanation from jan 1 thru Dec 31

Whitney Plumb Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Whitney Plumb Associates completed the following transactions: (Click the icon to view the transactions.) on the last More Info Record the thline of the an over a five- ach words Dato Dec. 31 Apr. 1 30 Purchased office equipment, $117,000. Paid $83,000 cash and financed the remainder Jan. 1 with a note payable Acquired land and communication equipment in a lump-sum purchase. Total cost was $370,000 pald in cash. An independent appraisal valued the land at $291,375 and the communication equipment at $97 125. Sold a building that cost $565,000 (accumulated depreciation of $255.000 through December 31 of the preceding year). Whitney Plumb Associates received $430,000 cash from the sale of the building Depreciation is computed on a straight-line band. The Sep. 1 building has a 40-year useful life and a residual value of $75,000 Recorded depreciation as follow Communication equipment is depreciated by the straight-line method over a five yearfe with zero residual value. Orice equipment is depreciated using the double-declining Dec 31 balance method over five years with a $5,000 residual value Dec. 31: Rd hothod over five years Date dit Dec 31 Print Done 240 To record depreciation on office equipment Question: 15 pts 5 of 5 (5 complete) This Test: 10 tney Plumb Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equi mmunication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, imb Associates completed the following transactions: Click the icon to view the transactions.) ecord the transactions in the journal of Whitney Plumb Associates. (Record debits first, then credits. Select the explanation me of the journal entry table.) over a five-year life with zero residual value. Accounts and Explanation Debit Dec 31 Depreciation Expense Communication Equipment Accumulated Depreciation Communication Equipment Date Credit To record depreciation on communication equipment Dec 31: Record depreciation on the office equipment Office equipment is depreciated using the double declining balance method five years with a $5,000 residual value Date Accounts and Explanation Deb Credit Dec. 31 Depreciation Expense-Office Equipment 5,000 Accumulated Depreciation Office Equipment 5.000 To record depreciation on office equat answer Choose from any list or enter any number in the input fields and then continue to the next question BV DII 12 FO - & 7 6 8 0 9 mis Question: 15 pts 5 of 5 (5 complete) This Test: 100 pts po Whitney Plumb Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment a Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Whitney Plumb Associates completed the following transactions: Click the icon to view the transactions.) Record the transactions in the journal of Whitney Plumb Associates. (Record debits first, then credits. Select the explanation on the line of the journal entry table.) Before we record the sale of the building, we must record depreciation on the building through September 1, 2018. Date Accounts and Explanation Debit Credit 555,000 Sep. 1 Accumulated Depreciation Building 255,000 Building Cash 430,000 To record sale of building Now record the sale of the building on September 1 Date Accounts and Explanation Debit Credit orrect an Choose from a lot or enter any number in the input Tields and then continue to the next question Try Again ct 9 4) DI 15 TA * & 7 ) 0 + 11 6 8 9 T O P Y U Il