plumpton rentals company faced the following situations. view the situations. requirement 1. journalize the…

plumpton rentals company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separately. (record debits first, then credits. exclude explanations from any journal entries.) d. salary expense is $6,300 per day—monday through friday—and the business pays employees each friday. this year, december 31 falls on a thursday. accounts debit credit d. salary expense 25,200 salary payable 25,200 e. the unadjusted balance of the supplies account is $3,200. the total cost of supplies on hand is $1,000. accounts debit credit e. supplies expense 2,200 supplies 2,200 f. equipment was purchased on january 1 of this year at a cost of $160,000. the equipments useful life is five years. there is no residual value. record depreciation for this year and then determine the equipments book value. accounts debit credit f. depreciation expense—equipment accumulated depreciation—equipment

plumpton rentals company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separately. (record debits first, then credits. exclude explanations from any journal entries.) d. salary expense is $6,300 per day—monday through friday—and the business pays employees each friday. this year, december 31 falls on a thursday. accounts debit credit d. salary expense 25,200 salary payable 25,200 e. the unadjusted balance of the supplies account is $3,200. the total cost of supplies on hand is $1,000. accounts debit credit e. supplies expense 2,200 supplies 2,200 f. equipment was purchased on january 1 of this year at a cost of $160,000. the equipments useful life is five years. there is no residual value. record depreciation for this year and then determine the equipments book value. accounts debit credit f. depreciation expense—equipment accumulated depreciation—equipment

Answer

Explanation:

Step1: Calculate annual depreciation

Since the equipment cost is $160,000, useful - life is 5 years and no residual value, we use the straight - line depreciation method. The annual depreciation expense formula is $\text{Depreciation Expense}=\frac{\text{Cost}-\text{Residual Value}}{\text{Useful Life}}$. Here, $\text{Cost} = 160000$, $\text{Residual Value}=0$, and $\text{Useful Life}=5$. So, $\text{Depreciation Expense}=\frac{160000 - 0}{5}=32000$.

Step2: Record adjusting entry

We need to debit Depreciation Expense—Equipment to recognize the expense and credit Accumulated Depreciation—Equipment to record the cumulative depreciation.

Answer:

Accounts Debit Credit
Depreciation Expense—Equipment 32000
Accumulated Depreciation—Equipment 32000