Please I need help with this problem for accounting class ASAP. Please write the answer clearly. Thank you for the help.
Instructions:
Chart of Accounts
First Question
Journal
Instructions Equipment acquired on January 8 at a cost of $136,150 has an estimated useful life of 15 years, has an estimated residual value of $8,050, and is depreciated by the straight-line method. Required: a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for $93,175, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answer to the nearest whole dollar. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery Truck 114 Interest Receivable 621 Gain on Sale of Equipment 115 Notes Receivable 116 Merchandise Inventory EXPENSES 117 Supplies 510 Cost of Merchandise Sold 119 Prepaid Insurance 520 Salaries Expense 120 Land 521 Advertising Expense 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 124 Accumulated Depreciation-Delivery Truck 523 Delivery Expense 125 Equipment 524 Repairs and Maintenance Expense Chart of Accounts 126 Accumulated Depreciation-Equipment 529 Selling Expenses 130 Mineral Rights 531 Rent Expense 131 Accumulated Depletion 532 Depreciation Expense-Equipment 132 Goodwill 533 Depletion Expense 133 Patents 534 Amortization Expense-Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 210 Accounts Payable 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 213 Sales Tax Payable 720 Loss on Sale of Delivery Truck 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable EQUITY 310 Owner's Capital 311 Owner's Drawing First Question a. What was the book value of the equipment at December 31 the end of the fourth year? $ Journal b. Assuming that the equipment was sold on April 1 of the fifth year for $93,175, journalize the entries to record the following (Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answer to the nearest whole dollar.): 1. Depreciation for the three months until the sale date PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 2. The sale of the equipment PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4
