Accounting 291 wiley assignment week 2

If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell’s $1,400 balance is uncollectible.

Date

Account/Description

Debit

Credit

Dec. 31

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DO IT! 9-4

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Match the statement with the term most directly associated with it. 

        

Goodwill 

Amortization

 

Intangible assets

Franchise

 

Research and development costs 

 

 

1.

Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.

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2.

The allocation of the cost of an intangible asset to expense in a rational and systematic manner. 

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3.

A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.

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4.

Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.

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5.

The excess of the cost of a company over the fair market value of the net assets acquired.

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Presented below are selected transactions at Ingles Company for 2011.

Jan. 1

Retired a piece of machinery that was purchased on January 1, 2001. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. (Assume depreciation is up to date as of December 31, 2010.)

June 30

Sold a computer that was purchased on January 1, 2008. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.

Dec. 31

Discarded a delivery truck that was purchased on January 1, 2007. The truck cost $39,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation.(For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Date

Account/Description

Debit

Credit

Jan. 1

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        Total plant assets

 

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