Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you please help me on this question like how to do it and can you help me with the second problem? I will give
Can you please help me on this question like how to do it and can you help me with the second problem? I will give you a thumbs up if you help!!
Prior to adjustment at the end of the year the balance in Trucks is $300 238 and the balance in Accumulated Depreciation --Trucks is $102.250 Details of the subsidiay ledger are as follows Truck No. Cost 1 Estimated Residual Value Useful Life $15 100 245 600 miles 6,170 303,400 miles 13 690 201 800 miles 22,920 236,400 miles $83,868 48646 78 248 Accumulated Depreciation at Miles Operated Beginning of Year During Year 20,000 miles $14.610 33,200 mies 61.470 8 200 miles 26.170 22 900 miles 2 3 4 91.476 A Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the mides operated dunng the current year round the rate per mile to two decimal places and credit to accumulated depreciation to the nearest dollar Boumaize the entry on Dec 31 to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account titles A Determine the depreciation rates per mit and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year Round the rate per me to two deamal places and credit to accumulated depreciation to the nearest dollar Truck No Rate per Mile Miles Operated Credit to Accumulated Depreciation 1 s 20.000 2 33.200 8.200 4 22.900 Total B. Joumalize the entry on Dec. 31 to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account ttles PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POSL REF DEBIT CREDIT ASSETS LABRITIES EQUITY . DESCRIPTION Adjusting Entries Dec. 31 Depreciation Expense Trucks Accumulated Depreciation Trucks 2 3 Truck No Prior to adjustment at the end of the year the balance in Trucks is $298,988 and the balance in Accumulated Depreciation --Trucks is $101200 Details of the subsidiary ledger are as follows Estimated Accumulated Depreciation at Miles Operated Cost Residual Value Useful Life Beginning of Year During Year $85 360 $14,940 251.500 miles 20.400 miles 51,100 5,040 300 400 miles $14,930 32 500 miles 3 76.450 13 830 202.000 miles 61330 8,100 miles 06 078 22 520 235.400 miles 24,940 22, 300 miles 1 2 4 A Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsectory accounts for the miles operated during the current year Mound the rate permite o vodeomal places and credit to accumulated depreciation to the nearest dollar B. Joumalize the entry on Dec. 9 to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account totes A Determine the depreciation rates per mile and the amount to be created to the accumutated deprecation section of each of the subsidiary accounts for the mies operated during the current year Roured the rate per mile to wo decimal places and credit to accumulated deprecation to the nearest dolor Truck No Rate per Mile Miles Operated Credit to Accumulated Depreciation 20 400 $5,712 1 50 28 2 0.157 32,500 4875 3 031 3.100 2.511 X 4 027 22.300 6,021 Total $19,119 X Points 770 B. Journalize the entry on Dec 31 to record depreciation for the year. Refer to the Chart of Accounts for exact wording of account titles How does.gcados.ork PAGE 1 JOURNAL Score: 21/25 ACCOUNTING EQUATION DATE POST.EE DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries Dec 31 Depreciation Expense Trucks Accumulated Depreciatior Trucks 2 19.119.00 19.119.00 Points 42/5 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started