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    Financial Accounting: journal entries

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    1. The annual depreciation per thousand units is as follows:

    Balance of
    End of Unit Accumulated Asset
    Year Output Depreciation Expense Depreciation Book Value

    $100,000
    2002 80,000
    2003 120,000
    2004 40,000

    At the end of 2004 the equipment is damaged and you have to write it off
    the books. Make the journal entry for the write off.

    2. You pay $790,000 for a business and the list of accounts is as follows. Record the purchase.
    1. Accounts Receivable.............................................. 180,000
    Inventory................................................................... 75,000
    Equipment................................................................ 84,000
    Short-Term Loan Payable...................................... 160,000
    Cash ........................................................ 790,000

    3. Make a journal entry to record the $1,450,000 purchase of various franchise assets as follows: (The franchise itself has a cash value of $225,000 and you paid it to Ruby Tuesdayl)
    The appraised values are Land $320,000; Patent 340,000, Building $620,000.

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    https://brainmass.com/business/financial-accounting-bookkeeping/348320

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    Solution Summary

    The solution provides journal entries for write off of equipment & purchase of franchise asset.

    $2.19