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I need help fling these questions completely out, and if you could please show how you get the answers. thank you a. Accounts Receivable. At
I need help fling these questions completely out, and if you could please show how you get the answers. thank you
a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $21,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $490 of interest earned from its investments in government bonds. C. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the $1,500 of work. Answer is not complete. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $21,500 balance to start the year. A review of depreciation schedules reveals that $490 of depreciation expense must be recorded for the year. Debit or Credit? $ 21,500 Credit Step 1: Determine what the current account balance equals. Accumulated depreciation 21,500 490 Step 2: Determine what the current account balance should equal. Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. 490 Depreciation expense Accumulated depreciation 490 b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the start of this year. That asset had cost $1,500, had an estimated life of five years, and is expected to have zero value at the end of the five years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciationTruck Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Depreciation expense Truck Accumulated depreciationTruck c. Accumulated Depreciation: The company has only one plant asset (equipment) that it purchased at the start of this year. That asset had cost $490, had an estimated life of seven years, and is expected to be valued at $1,500 at the end of the seven years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciation- Equipment Step 1: Determine what the current account balance equals. 0 0 Step 2: Determine what the current account balance should equal. Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Depreciation expense-Equipment Accumulated depreciation-EquipmentStep by Step Solution
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