Backup strategy 2 words

Brief Exercise 11-1
Fernandez Corporation purchased a truck at the beginning of 2014 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles in 2014 and 31,000 miles in 2015.

Compute depreciation expense for 2014 and 2015.

Depreciation expense for 2014
$

Brief Exercise 12-1
Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2014, for $54,000. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years.

Prepare Celine Dion’s journal entries to record the purchase of the patent and 2014 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record purchase of patents)
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record amortization of patents)
Warning

[removed] Don't show me this message again for the assignment

Ok

Cancel


Brief Exercise 12-4
Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $120,000 on April 1, 2014. The franchise grants Gershwin the right to sell certain products and services for a period of 8 years.

Prepare Gershwin’s April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
Apr. 1
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
Dec. 31
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
Warning

[removed] Don't show me this message again for the assignment

Ok

Cancel



Brief Exercise 13-1
Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.

(a) On July 1, (1) Roley purchased $60,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Roley paid freight costs of $1,200.
(b) On July 3, Roley returned damaged goods and received credit of $6,000.
(c) On July 10, Roley paid for the goods.

Prepare all necessary journal entries for Roley. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.
Date
Account Titles and Explanation
Debit
Credit
(a) (1)
July 1
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
(a) (2)
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
(b)
July 3
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
(c)
July 10
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
Warning

[removed] Don't show me this message again for the assignment

Ok

Cancel



Brief Exercise 13-3
Takemoto Corporation borrowed $60,000 on November 1, 2014, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2014, entry; the December 31, 2014, annual adjusting entry; and the February 1, 2015, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
11/1/14
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
12/31/14
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]
2/1/15
[removed]
[removed]
[removed]

[removed]
[removed]
[removed]

(To record interest)


[removed]
[removed]
[removed]

[removed]
[removed]
[removed]

(To pay note)

Warning