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Question

6. Machinery purchased January , 2015 for $49,000 was expected last for 40 years and would be worth $1,000 at that time. The company is using the straight-line method of amortization. What is the entry for May 31st. 2015

 7. Office Equipment purchased for $30,000 January 1st, 2015 is amortized at the rate of 20% per year. The accumulated amortization up to this point was $500. What is the entry for February 28th 2015?

8. A truck purchased for $20.000 has accumulated amortization of $6,000 on January 1st and is amortized at a rate of 10% What's the entry for 6 month period ending June 30th?

Update:

How do I make an adjusting entry for this

Answer 1

Depreciation = (Cost – Salvage Value) / Useful Life

Depreciation = (49000-1000)/40 = 1200 each year

DR: Depreciation expense 1200

CR: Accumulated depreciation 1200

Source(s): https://www.double-entry-bookkeeping.com/depreciat...