Homework -- Due on/before 9:30 a.m. Tuesday, March 17, 2020 Name Partial Balance Sheet 2018 2019 2020 2021 Equipment Accumulated Depreciation Book Value Crenshaw company bought equipment January 1, 2018 for $100,000 with an estimated 5 year economic life and residual (salvage) value of $30,000. Crenshaw uses Straight Line depreciation methods. In the space below, prepare the adjusting entry made on December 31, 2018 and then update the particial Balance sheet above for 2018. In the space below, prepare the adjusting entry made on December 31, 2019 and then update the particial Balance sheet above for 2019. In the space below, prepare the adjusting entry made on December 31, 2020 and then update the particial Balance sheet above for 2020. Crenshaw sold the equipment on September 1, 2021 for $45,000. In the space below, the adjusting entry to update depreciation as of September 1, 2021. (Round to whole dollars.) In the space below, prepare the entry to record the sale of the equipment on September 1, 2021. Page 1 of 2 Smith Company buys staplers and then resells them. Assume Smith has a beginning inventory units @ $5.00 each and that they use perpetual FIFO Inventory methods. Journalize each of the following transactions. 10 Jan. 5 Purchased from Boyle Company 300 staplers for $6.00 each, terms 2/10. n/30, F.O.B. destination. Sold 200 staplers for $15.00 each to Crumpet Company, terms 1/10, 1/30, F.O.B. shipping point Sales tax rate is 8%. Jan. 6 $_ How much was Smith Company's Gross Profit for the period? RES Using the list provided, indicate for each account below the QuickBooks classification that would most likely be used (when the account is created) and the normal balance (dr/cr) for each account. ACC Debit Credit "Ill||||| Merchandise Inventory Gain on Sale of Plant Asset Furniture & Fixtures Current Portion of Mortgage Payable Land Held for Future Expansion Prepaid Advertising Sales Discounts Customer's Down Payment Transportation In Interest Income Patent Supplies Expense Common Stock A Bank B Accounts Receivable C Other Current Asset D Fixed Asset E Other Asset F Accounts Payable G Credit Card H Other Current Liability Long Term Liability J Equity K Income L Cost of Goods Sold M Expense N Other Income o Other Expense Page 2 of 2