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Determining adjusting entries

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The purpose of this question is to see how good you are at determining adjusting entries (see page 156 of the course guide). Please provide one journal entry only for each lettered situation below to fix the error in the financial statements described. Please round all amounts to the nearest dollar. Be sure to show support for your calculation of the values used in each entry. Each part of this question is independent of the others.

  1. Circle Ltd. has a December 31, 20X6 year end and on January 1, 20X6, had equipment with a 12-year useful life that cost $12,000 with accumulated depreciation of $8,000. The equipment has no residual value. The company depreciates this equipment on a straight-line basis. On October 1, 20X6, the company sold the equipment for $5,200 cash. At that time the accountant recorded a debit to cash and a credit to miscellaneous revenue. At the end of the year, the accountant also recorded depreciation for the full year on this equipment. Prepare one journal entry dated December 31, 20X6 to adjust accounts mentioned above to their correct balances.

Reference no: EM133234308

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