Example Two:
Based on the following information, record the necessary adjusting entry as of December 31, 2018.
XYZ, Inc. purchased equipment costing $40,000 on January 1, 2018. The equipment depreciates using straight-line depreciation. The salvage value is expected to be $4,000 and the equipment has a 4-year life. Record any necessary adjusting entry at December 31, 2018 to record depreciation on the equipment.
XYZ, Inc. paid Sam Walt $42,000, on March 1, 2018, for a one-year rental agreement. Record the adjusting entry necessary at December 31, 2018.
On August 1, 2018 XYZ, Inc. collected $12,000, in advance, for services to be earned evenly over a six-month period. Record the adjusting entry necessary at December 31, 2018.
On November 1, 2017, XYZ, Inc borrowed $60,000 from Wells Fargo, signing a 6-month, 8-percent note. Interest is to be paid at maturity. Record the adjusting entry necessary at December 31, 2017.
XYZ, Inc has a balance Accounts Receivable of $650,000. The Allowance for Uncollectible Accounts had a $1,000 credit balance before adjustment. The company estimates that 3% of ending accounts receivable will become uncollectible. Calculate bad debt expense and record the adjusting entry necessary at December 31, 2018.
Date
Account Name
Debit
Credit
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