Accounting Questions On Journal Entries And Property Homework Help
- November 8, 2017
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- Category: Accounting QA
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1. Plant life that is severed from the land is considered as ?
2. What is a gift inter vicos?
3. Name the form of co-ownership of real property that can be used only by married couples?
4. Tangible property such as automobiles, furniture, and equipment, and intangible property such as securities, patents, and copyrights are collectively referred to as ?
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5. Courtney Contractors completed the following transactions and events involving the purchase and operation of equipment in its business
2007
Jan. 1 Paid $127,400 cash plus $6,370 in sales tax and $1,800 in transportation (FOB shipping point) for a new crane. The crane is estimated to have a five-year life and a $15,570 salvage value. Crane costs are recorded in the Equipment account.
Jan. 3 Paid $5,600 to paint the company logo and install air conditioning in the crane. This increased the estimated salvage value of the crane by another $600.
Dec. 31 Recorded annual straight-line depreciation on the crane.
2008
Jan. 1 Paid $10,000 to overhaul the crane s boom, which increased the crane s estimated useful life by one year.
Feb. 17 Paid $3,200 to repair the crane after the crane operator damaged it while in use.
Dec. 31 Recorded annual straight-line depreciation on the crane.
Required
Prepare journal entries to record these transactions and events.
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