accounting

Name: __________________________
ACCT 301
Due Monday December 7, 2015
Date: _____________
This quiz is to be completed without the assistance of any other person.

I pledge on my honor that I have not given or received any unauthorized assistance on this examination. In addition, I pledge that I will not disclose to, or discuss the contents of this examination with, students who have not taken it.
_________________________________________________________________________ Signed

Good Luck!!!
Instructions:
Answer all 4 questions. Must provide a response in order to received partial credit.
#1
On July 1, 2014 Amber Up Inc. acquired a new machine at a cost of $15,000 with a residual value of $3,000. The estimated useful life is 5 years and 100,000 units. For the year ending June 30, 2015 the machine produced 15,000 units. For the year ending June 30, 2016, the machine produced 10,000 units.
1. Using the three depreciation methods (straight line, units of production, and double decline balancing) calculate the depreciation for the year ending 6/30/15 and present each of the three journal entries in proper form.
2. On July 1, 2016 the machine is sold for $10,000. Complete the journal entry in proper form based on your calculations under each of the three depreciation methods (see item 1 in this problem). You will present three separate, independent journal entries.
#2
Dennis Beverage Company owns a delivery truck with an original cost of $50,000 and an accumulated depreciation value of $20,000. The estimated residual value remains $4,000. Consider each of the independent situations below and present the required journal entry to record the sale or disposal of the truck, using proper format.
A. Sold for $30,000
B. Sold for $26,000
C. Sold for $34,000
D. Is totaled in a collision with no scrap value and no insurance (no proceeds will be received)

#3 Accounts Receivable and Uncollectible Accounts
United Incorporated uses the direct write off method. Their customer, Software Sales, has declared bankruptcy with no assets to pay off creditors. Present the journal entry, in proper format to record the necessary adjustment for the $22,000 remaining in the Accounts Receivable Subsidiary ledger from Software Sales.
#4 Accounts Receivable and Uncollectible Accounts
Zay Weekly uses the allowance method for accounts receivable uncollectible accounts. Carnival Cruise Company has closed its business, left no forwarding address, and has not made any payments on account for over two years. Present the journal entry, in proper form, to write off the remaining accounts receivable of $34,000.

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