Excrcise 22-11 https:\'edugen.wilcyplus.com edugen/shared\'assignmenttest qprint
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Excrcise 22-11 https:'edugen.wilcyplus.com edugen/shared'assignmenttest qprint.uni Exercise 22-11 Your answer is partially correct. Sheridan Co. purchased a equipment on January 1, 2015, for $610,500. At that time, it was estimated that the equipment would have a 10-year life and no salvage value. On December 31, 2018, the firm's accountant found that the entry for depreciation expense had been omitted in 2016. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2018. At present, the company uses the sum-of-the-years'-digits method for depreciating equipment. Prepare the general journal entries that should be made at December 31, 2018, to record these events. (Ignore tax effects.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 99900 O 99900 Dec. 31, 2018 Retained Earnings ccumulated Depreciation-Equipmen (To correct for the omission of depreciation expense in 2016.) Dec. 31, 2018 Depreciation Expense 42814 ccumulated Depreciation-Equipmen 2814 (To record depreciation expense for 2018.) Question Attempts: 3 of 3 used Copyright 2000-2018 by John Wiley & Sons, Inc. or related companies. All rights reserved. 1 of 1 3:25/2018, 11:54 AMExplanation / Answer
Journal entry :
Date accounts & explanation debit credit Dec 31,2018 Depreciatione expense 99900 Accumlated depreciation-equipment 99900 (To correct for the omission of depreciation expense in 2016) Dec 31,2018 Depreciation expense (610500-610500*27/55)/7 44400 Accumlated depreciation-equipment 44400 (To record depreciation expense for 2018)Related Questions
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