Q1
On July 1st, H&M Construction purchases a bulldozer for $330,000. The equipment has a 9 year life with a residual value of $15,000. Harding uses straight-line depreciation.
Calculate the depreciation expense for the first year ending December 31st. =
Provide the journal entry for the first year ending December 31st.
Calculate the third year’s depreciation expense and provide the journal entry for the third year ending December 31st.
Calculate the last year’s depreciation expense.
Provide the journal entry for the last year.
Q2
Journalize the following transactions (Assume a 360-day year when calculating interest.
Mar 1: received a 90-day, 10 % note for $24,000, dated march 1, from Bat Co. on account
May 30: The note of march 1 was dishonored
For a compound transaction, if an amount box does not require an entry, leave it blank or enter “0”.
Q3
Calculate the amount of each periodicity range that is deemed to be uncollectible. If required, round your answers to two decimal places.
Age, Balance, Percent = amount
Not past due 850,000 3.50% =
1-30 days past due: 47,500 5.00% =
31-60 days past due: 21,750 10.00% =
61-90 days past due: 11,250 20.00% =
91-180 days past due: 5,065 30.00% =
181-365 days past due: 2,500 50.00% =
Over 365 days past due: 1,145 95.00% =
If the Allowance for Doubtful Accounts has a credit balance of $1,135.00, record the adjusting entry for the bad debt expense for the year. Round your answers to two decimal places.
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credit =
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