I need help solving this adjustment journal entry, my answer is on the buttom bu

ID: 2547036 • Letter: I

Question

I need help solving this adjustment journal entry, my answer is on the buttom but the computer says my numbers are wrong. Can someome help me with this and show how you did it? Thanks! I need the correct adjusted journal entry for the following problem:

32 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Office Equipment 7.0 years Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is S7,000. The office equipment has a scrap value of S450. The computer equipment has no scrap Calculate the depreciation for one month. A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2018 Account Adiusting Entries Debit Adjusted Trial Balance Unadjusted Trial Balance umber Name Debit Credit Credit Debit Credit 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 133,219.00 1,281.00 5472.00 3,400.00 555.00 2,620.00 133,219.00 6,281.00 228.005,244.00 1,700.00 225.00 2,620.00 5,000.00 1,700.00 1150 Office Supplies 1211 Office Equi 1212 Accum. Depr.-Office E 1311 Computer E 1312 Accum. Depr.-Computer E 1411 Building Cost 1412 Accum. Depr.-Buildin 1510 Land 2101 Accounts Pavable 2102 Advanced Payments 2103 Interest Pavable 2105 Salaries Payable 2106 Income Taxes Pavable 2201 Mortgage Payable 2202 Notes Pavable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 201,260.00 105,000.00 20,000.00 330.00 544.64 2,629.33 259.25 201,260.00 105,000.00 20,000.00 544.64 2,629.33 259.25 1,395.00 1,395.00 16,184.00 591.00 16,184.00 591.00 112,500.00 93,750.00 252,300.00 112,500.00 93,750.00 252,300.00 2,088.00 2,088.00 My Incorrect answer 32 Jun 30 32 Jun 30 32 Jun 30 32 Jun 30 5110 Depreciation Expenseldepreciation 1412 Accum. Depr.-Buildinddepreciation 1312 Accum. Depr.-Comput depreciation 1212 Accum. Depr.-Office Edepreciation 3,433.22 259.25 2,629.33 544.64

Explanation / Answer

Answer

Cost (A)

Salvage value (B)

Depreciable base (C=A – B)

Life (in years) (D)

Annual SLM Depreciation (E=C/D)

Monthly Depreciation (F=E/12 months)

1211

Office Equip

2620

450

2170

310.000

$25.833

1311

Computer Equip

201260

40252.000

$3354.333

1411

Building

105000

7000

98000

31.5

3111.111

$259.259

TOTAL

$43673.111

$3639.426

General Journal

5110

Depreciation expense

$3639.43

1412

Accum Depr Building

$259.26

1312

Accum. Depr - Computer Equip

$3354.33

1212

Accum. Depr - Office Equip

$25.83

(depreciation recorded)