5 accounting questions and one journal entry

/in /by

No plagiarism, No over Due

************* Q1-8 Minimum 60 words ***************

1. What costs should be capitalized when purchasing or constructing a building?

2.What is the purpose of depreciation?

3. Why is there more than one method of depreciation?

4. How can goodwill be created?

5. How and why would you account for the impairment of intangible assets?

******* Journal Entry *****************

(Journalize Various Accounts Receivable Transactions)

Instructions

Prepare all journal entries necessary to reflect the transactions below.

The balance sheet of A Company at December 31, 2016, includes the following.

Notes receivable

$ 36,000

Accounts receivable

182,100

Less: Allowance for doubtful accounts

  17,300

$200,800

Transactions in 2017 include the following.

1.Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed.

2.$5,300 was received in payment of an account which was written off the books as worthless in 2016.

3.Customer accounts of $17,500 were written off during the year.

4.At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.

 
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