Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom uses the diminishing-balance method at one times the straight-line depreciation rate. Blossom Limited purchased delivery equipment on March 1, 2019 for $133,750 cash. At

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Blossom uses the diminishing-balance method at one times the straight-line depreciation rate. Blossom Limited purchased delivery equipment on March 1, 2019 for $133,750 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10.800. The equipment was disposed of on November 30, 2021, Blossom uses the diminishing- balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually. Record the acquisition of equipment on March 1, 2019. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Mar 1 Record depreciation at August 31, 2019, 2020, and 2021. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Aug. 31, 2019 Aug. 31, 2020 Aug. 31, 2021 Record the disposal of the equipment on November 30, 2021, under each of the following independent assumptions: (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to O decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) 1 2. It was sold for $62,870 It was sold for $82,920. It was retired for no proceeds. 3. Nov. 30 I (To record depreciation on equipment disposed) (1) Nov. 30 (2) Nov. 30 (2) Nov. 30 I (3) Nov. 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Purchasing Audit

Authors: ISMAIL LAMHAMDI

1st Edition

6203507563, 978-6203507560

Students also viewed these Accounting questions

Question

What are the historical roots of data visualization?

Answered: 1 week ago

Question

What is the preferred personality?

Answered: 1 week ago

Question

What is the relationship between humans?

Answered: 1 week ago