Balance Trainer » Balance Equipment

Journal entry for selling a depreciated piece of equipment (not too hard)?

admin — Tue, 31 Aug 2010 16:53:36 +0000

I need to come up with a journal entry for selling a piece of depreciated equipment. The original cost was ,000 and it depreciated 90% to a current value of 00. The piece of equipment was sold by the company for 00 cash. So far, my journal entry looks like this:

Dr. Cash 00
Dr. Accumulated Depreciation 500
Dr. ?????? 0
Cr. Equipment ,000

In order to balance the account, i need to debit an additional account for 0 but im not sure what the account is called. Any help would be appreciated!

Also if i did something wrong with my set up please let me know.

URGENT!!!! Accounting (Straightline and declining balance depreciation)?

admin — Mon, 30 Aug 2010 14:29:53 +0000

Waller Company purchased equipment for ,000. The company is considring whether to determine annual depreciation using the straight-line method or the declining -balance method at 150 percent of the straight line rate. Waller expects to use the equipment for 10 years, at the end of which it will have an estimated salvage value of ,000. Prepare a comparison of these two alternatives for the first two year Waller will own the equipment.

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What exercises should I do for my age?

admin — Sun, 29 Aug 2010 16:55:28 +0000

I’m trying to lose weight, gain muscles, energy, and be able to balance better. I’m 16 so I’m looking for a place if there’s any that would let me excercise for free. If not, what type of excercises could I do at home ithout buying any equipment? If I do have to buy equipment, what would be the cheapest?

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Please teach me how do i put these accounts into the closing entry and post-closing trial balance!!?

admin — Sat, 28 Aug 2010 14:30:18 +0000

Cash$ 14,000 (debit)
Office supplies 1,300 (debit)
Prepaid insurance 2,050(debit)
Equipment 50,000 (debit)
Accumulated depreciation, Equipment 5,000(credit)
Accounts payable ,000 (credit)
Wages payable 600 (credit)
C.Karise, Capital 30,000 (credit)
C.Karise, Withdrawals 16,000 (debit)
Repair fees earned 90,950 (credit)
Depreciation expense, Equipment 5,000 (debit)
Wages expense 37,500 (debit)
Insurance expense 800 (debit)
Rent expense 10,600 (debit)
Office supplies expense 3,600 (debit)
Utilities expense 2,700 (debit)
Income summary

Totals3,550 3,550

Closing entries: Total 197,900

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What type of light bulbs to buy for a homemade lighting kit?

admin — Fri, 27 Aug 2010 16:00:15 +0000

I am a poor college student, I can’t afford a lighting kit at the moment, so spare the advice about splurging on real equipment!

I bought some hardware clamp lights from home depot that I plan on using to light my subjects. I took plain, household light bulbs out of my sockets and they 1. aren’t bright enough and 2. give off a tint, even when I change with the white balance.

What type of bulbs should I purchase? I need something bright, white and cheap!

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How to put Notes Payable in a general accounting journal?

admin — Thu, 26 Aug 2010 12:01:41 +0000

I have a homework assignment and can’t find how to put Notes Payable in the general journal. The problem is you purchased equipment for 00, paid 00 down, received note payable for the balance. Is there a credit in notes payable and a debit in cash? Do I need to note the 00 as a credit for equipment and debit somewhere else also?

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Your Homework Assignment: style file: daily fashion, party, and model news

How to put Notes Payable in a general accounting journal?

admin — Wed, 25 Aug 2010 12:02:00 +0000

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Your Homework Assignment: style file: daily fashion, party, and model news

Incorrectly reporting a past due balance?

admin — Tue, 24 Aug 2010 12:02:20 +0000

Five months ago I moved from another apartment and had cable service through a cable company. The day I moved out, I returned all the cable equipment and paid all the final balance. The Customer Service Representative gave me a receipt showing I returned everything and that I had a {content} balance.

I received a letter from a collection agency last month stating that I now owe this company almost 0 for the equipment, service charges, AND late fees. I have called the cable company telling them I have the receipt showing I returned the equipment in working condition AND paid the final balance. Four weeks ago they said they would, "take care of it."

However I am still receiving calls from the collection agency AND there is now a record on my credit report showing a collections account has been opened. I have called the cable company several times and now they are saying they have to locate the equipment BEFORE they can cancel the "debt." Needless to say, I am very upset. Everything on my credit report is great except for this and this is not my fault Do I have any recourse? What should I do?

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garage band…cant hear singer..equipment?

admin — Mon, 23 Aug 2010 14:55:58 +0000

im in a band, we can only practice in a garage and cannot hear the singer over the amps…what equipment do i need in order to balance instruments and vocals and to hear singer clearly?
we have a P.A. but you still can’t hear vocals.

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Weight And Balance Question?

admin — Sun, 22 Aug 2010 16:48:22 +0000

I’m using the information in my 172′s POH. I’m trying to calculate arm and moment. With that I obviously need the gross weight. Now it’s important to remember that if items have been installed into the aircraft in addition to the Original Equipment, what will change?

I.E I take out the back seats.
That isn’t my question. My question is what do I have to keep in mind when doing weight and balance should I add or remove a orginal item that is included in the POH’s weigh(s).