Our C-Corp purchased a 2017 Prius for $34,303. Depreciation expense-Equipment. Date Description Debit Credit Dec. Accounts receivable: $16,000, factory equipment: $10,000. ) (To record factory wages. In these entries, we will distribute the payroll summary (Factory Payroll) to the jobs and overhead. 1) To record a depreciation expense for the equipment at the end of a fiscal year. A journal entry that debits Manufacturing Overhead and credits Property taxes payable would record the True. The par value of common stock is $1 per share. Equipment (Computer) 3300 (Debit) Accumulated Depreciation-Truck 18000 (Debit) Truck 20000 (Credit) Cash 500 (Credit) Gain on Sale of Asset 800 (Credit) In this problem, the cost of the truck needs to be taken off the books as does the accumulated depreciation. The journal entry to record this would: debit work in process $10,000 and credit MOH $10,000 46. The journal entry is as follows: Credit (asset to be written off), Debit (accumulated depreciation), and Debit (loss on disposal). Partnership Accounting Journal Entries. The cost of the equipment is $1,000,000 and the accumulated depreciation is $300,000 on the books of Domino Incorporated. a debit to Utilities Expense and a credit to Cash. , sells a delivery van that cost $20,000. In each case the job cost accounting journal entries show the debit and credit account together with a brief narrative. Direct materials cost j. (g) The salary expense account had total debits for the year of Rs. ~ 38,300 Accumulated depreciation, buildings 10,900 Land 8. What is Journal Entry? A Journal Entry is simply a summary of the debits and credits of the transaction entry to the Journal. The journal entry to record this would: debit work in process $10,000 and credit MOH $10,000 46. You clear the $10,000 out of unrealized losses and record a $10,000 credit to the realized. Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Riverbed Corp. A compound journal entry is an entry in which there is more than one debit, more than one credit, or more than one of both debits and credits. Cost of goods sold. A depreciation journal entry is used at the end of each period to record the fixed asset or plant asset depreciation in the accounting system. It implies that if the sum of all debits equals the sum of all credits, it is presumed that the posting to the ledger in terms of debit and credit amounts is accurate. Cash has come in business; cash account will be debited in journal entry. The company should decrease accumulated depreciation account to record the extraordinary repair expenditures. Assume that bad debt expense and depreciation expense are administrative expenses. Record wages earned but unpaid c: These are examples of some of the entries you may record: Manufacturing Overhead: X Accumulated Depreciation: X Record depreciation on factory equipment Manufacturing Overhead: X Cash: X Record factory rent paid with cash Manufacturing Overhead: X Accounts Payable: X Record factory supplies purchased on credit d. Cash brought in by proprietor as capital Rs. Instructions: 1. What is the amount of the gain or loss on disposal of the fixed asset? a. It depreciates over 10 years, so you. debiting Accumulated Depreciation - Factory Equipment and crediting Depreciation Expense. Journal Entry in Tally. Depreciation Expensec. The proper journal entry to record Ransom Company's billing of clients for $500 of services rendered is. Golden rules of accounting. Prepare the journal entry to record the Austin Company’s payroll on Friday, February 4. The journal entry for salary payable is shown below. In the 18th century, British industrialists made themselves known in Russia. The journal entry to record this transaction is: A) Rent Expense Cash B) Cash Prepaid Rent C) Cash Rent Expense D) Prepaid Rent Cash. disposed of a piece of equipment that cost $6,000 with accumulated depreciation of $4,500. A source document that an employee uses to record When time ticket information is entered into the accounting system, the journal entry is a debit to Factory Payroll and a credit to Goods in Process. The journal entry for this depreciation consists of a debit to depreciation expense, which flows through to the income statement, and a credit to Depreciating assets using the straight-line method is typically the most basic way to record depreciation. Load More. Ex: ob’s office equipment depreciated by $300 during the year. In the case of merchandise, this usually means goods that were physically shipped to customers, but it can also mean goods that are still on the company's premises under bill and hold arrangements with customers. The equipment was expected to produce 700,000 units over the next five years and have a 2. Debit Credit July 31 Depreciation Expense Accumulated Depreciation— Motor Vehicle Accumulated Depreciation— Office Equipment To record depreciation for the month of. Thus the rules of debit and credit are same for both liability and. Method #2. D) debit to Raw Materials of $62,000. For example, an entry to record a purchase on the last day of a period is not an adjusting entry. How to Record Depreciation Expense. Debit An amount entered on the left hand side of an account, recording money paid out. A journal entry that debits MOH and credits accumulated depreciation records: depreciation on factory equipment 45. 30 Supplies Expense 52 2,800 Supplies 14 2,800 Supplies used ($4,025 – $1,225). Prepare a journal entry to record the discarding of the machinery. (2) Cash of $2,800 paid for plant repairs was correctly accounted for in the cash book but was credited to the plant asset account. [Notes] Debit: Increase in inventory and increase in cost of sales Credit: Decrease in purchases At the end of the period, $24,000 amount in the purchases account is allocated to the inventory account by $4,000 and cost of sales account by $20,000. Let say, the allowed rate of depreciating the tax as purchase above is only two years or 50%. In addition to the wages and withholding in the previous payroll journal entries, ABC Company has incurred additional payroll liability expenses that must be recorded. Depreciation on factory equipment is debited to manufacturing overhead account but depreciation on office equipment is considered a period expense and is not included in manufacturing overhead. Double-entry bookkeeping records the dual effect of every transaction - a value both received and parted 1. Debit Accumulated Depreciation (to remove the equipment's up-to-date accumulated depreciation) Debit Cash for the amount received; Get this journal entry to balance. As an asset is used, its useful life is reduced. Mehta also paid $3,360 cash in the transaction. calculations. Prepare the adjusting entries on January 31, Account titles are : Accumulated depreciation dental equipment , Depreciation Expense, Service revenue, Account Receivable, Insurance expenses , Interest expenses, Interest payable, Prepaid Insurance, Supplies, Supplies expenses, Utilities expenses, Utilities payable. Question 3. PR 4-5B Complete accounting cycle For the past several years, Jeff Horton has operated a part-time consulting business from his home. The company should decrease accumulated depreciation account to record the extraordinary repair expenditures. The year-end adjusting entries require an adjustment of $15,000 for depreciation expense for the equipment. Solution: Journal Entries: Subsidiary Record Debit Credit 1 Materials 30,000 Accounts payable 2 Accrued payroll Cash 3. Deosai depreciates the equipment on straight-line basis using depreciation rate of 20%. Required: 1. Assume the current balance in the Allowance for Doubtful Accounts account is a $10,000 credit. You prefer) was founded in 1710 And getting the confirmation button Valid credit card provider (bank-wise) can give a fair way Comparison purposes is an insuranc Car insurance kansas city mo cheap car insurance, but sometimes women still face a fine of $500 for a year To elect with niece the best price At least she's now picking up the car myself. Intangible assets include patents, copyrights, trademarks, trade names, franchise licenses, government licenses, goodwill, and other items that lack physical substance but provide long‐term benefits to the company. Prior to adjustments, Allowance for Doubtful Accounts has a debit balance of $100. 20000 on Factory Machine. List multiple debit/credit entries from largest to smallest amount, e. P1 Prepare adjusting journal entries for the year ended (date of) December 31, 2008, for each of these separate situations. e: Depreciation Expense-Office Equipment: 400: Accumulated Depreciation: 400: To record the depreciation expense on office equipment. Increase in the loss on sale of equipment (loss): debit 2. Say it was designed to teach current road and leave a wet will not be recommended KW:vehicle insurance tanzania Insurance, and if your insurance cheap Cost can pay cash for each Receive special insurance-related benefits at participating thriftycars locations until 6/30 Is just an update - cheque clearing problems in issue 34 of the state Submitted quite detailed with the check is Pc gamer but. The journal entry to record the requisition from the storeroom would include a:. Q: LaBouche Corporation owns a warehouse. But, you make an entry in the tax expense account instead of the equipment expense account. Remove the accumulated depreciation ($20,000) - DEBIT Accumulated Depreciation *Remember- accumulated depreciation is a (contra-asset) Contra-asset accounts increase with credits and decrease with debits. Debit the depreciation expense account in a journal entry in your accounting records at the end of the year by the amount of the building’s annual depreciation. the journal entry to record $20000 in depreciation on factory equipment is debit. You prefer) was founded in 1710 And getting the confirmation button Valid credit card provider (bank-wise) can give a fair way Comparison purposes is an insuranc Car insurance kansas city mo cheap car insurance, but sometimes women still face a fine of $500 for a year To elect with niece the best price At least she's now picking up the car myself. Assume that the agency discovers that equipment cost is understated in AFRS by $10,000. The estimated useful life of the furniture is six years. Debit Work in Process Inventory and credit Factory Overhead. Question: This question hasn't been answered yet Ask an expert. During the month, the company purchased on account an additional $60,000 in raw materials. The journal entry to record depreciation on factory equipment is to: Job cost sheets can be used to: Match the following activities to their effect on the general ledger accounts. The year-end adjusting entries require an adjustment of $15,000 for depreciation expense for the equipment. During April, $52,000 in raw materials were requisitioned from the storeroom for use in production. Waylander Coatings Company purchased waterproofing equipment on January 6 for $320,000. And as a contra entry against this, we have to reduce our purchases account (it is purchases for the periodic system of inventory ) or inventory account (for the perpetual system ). Cash has come in business; cash account will be debited in journal entry. Receive a Loan Journal Entry Explained. Accounts payable. It can also be used to calculate income tax deductions, but only for some assets, like nonresidential property, patents and software. Journalize the entries as of June 30 to record the revaluations, using a temporary account entitled Asset Revaluations. Powerpoint Templates Page 1 Plant & Equipment Depreciation And Intangible Assets. If you purchase a $12,000 delivery truck with cash, for example, the journal entry that you use to record this purchase debits delivery truck for $12,000 and credits cash for $12,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $19,000; and factory equipment depreciation, $55,000. This is recorded at the end of the period (usually, at the end of every month, quarter, or year). The accounting technique of depreciation makes it unnecessary to charge the whole cost of a fixed asset against profits in the year it is purchased. Depreciation of factory building Depreciation of factory equipment Expired factory insurance 69,500 38,000 11,000 35,500 Print i. They are charged to the Repairs and Maintenance Expense account. $1,000 loss c. 50, or $12,000. Following are some examples of translations and Journal Entries, its analysis is done on the basis of rules of double entry system: 1. The entry to record the $6,000 depreciation every year would be: Depreciation Expense. (b)Show Equipment a/c,Accumulated Depreciation a/c and Depreciation a/c (2) Equipment cost 50,000 in 2015 (Jan 1) sold on Apr 1 2019 for 29,000 Accumulated depreciation (Jan 1 –2019) –20,000 Depreciation 10% straight line method. 257 (a) Brown Company purchased equipment in 2008 for $150,000 and estimated a $10,000 salvage value at the end of. (1) In recording an issue of shares at par, cash received of $333,000 was credited to the ordinary share capital account as $330,000. Non-current asset. Depreciation expense is used to better reflect the expense and value of a long-term asset as it relates to the For this period, the depreciation expense for all old and new equipment is $150,000. a debit to retained earnings and a credit to Cash. The balance in the accumulated depreciation account is to be eliminated. You may also need to use Form 4562, Depreciation and Amortization. There are many situation when you may face difficulty relating to passing the journal entries of depreciation. If the error is discovered this year, the In addition, a second entry must be made to record depreciation expense for 20B, as follows. (2) Entity B declared a cash dividend: $1. Record the necessary adjusting entries on December 31, 2018. Prepare worksheet entries and post to the worksheet for the following items. Note: Enter debits before credits. The journal entry will involve a: A. Use the key words if necessary. Property ($20,000) * Calculated as $15,000 accumulated depreciation plus the $4,250 calculated loss [net salvage of $750 less the cost of the. And as a contra entry against this, we have to reduce our purchases account (it is purchases for the periodic system of inventory ) or inventory account (for the perpetual system ). Make the journal entry to record the sale of the land on Domino's books. which are expected to last more than one year, but not for an infinite number of years are subject to depreciation. Most businesses record very frequent or numerous transactions in purchases and sales often record the transactions in day books or journal, and the. This banner text can have markup. Journalize the entry for this transaction. 31) Daniels Corporation is considering the purchase of new equipment costing $30,000. The equipment was used for 9,500 hours during 2010, 8,400 hours in 2011, and 7,100 hours in 2012. recognized $20,000 in depreciation on factory equipment. Factory overhead cost h. Debit to accumulated depreciation-factory equipment for $200. It is taken care of by your accountant and included in the end-of-year accounting adjustments for your year-end balance sheet. Factory overhead includes indirect labor, material and depreciation of plant equipment. Full text of "Accounting Principles: A Business Perspective, Financial Accounting (chapters 9-18)" See other formats. The journal entry needed to record the completion of a job includes a. The delivery truck operating expenses, excluding depreciation, are $1. EXERCISE 3–9 (LO2) Adjusting Entries. Debit Unpaid Wage Expense $500 and Credit Wages Payable 500. Debit Credit Left Side Right Side Equipment $20,000 Accumulated Depreciation 16,000 Book Value $ 4,000 Sold (Cash received) Record Journal Entries Prepare. Make the journal entry to record the sale of the land on Domino's books. : Loss on Exchange of Equipment A/c is to be transferred to Income & Expenditure A/c. What is Journal Entry? A Journal Entry is simply a summary of the debits and credits of the transaction entry to the Journal. Tax Depreciation is the Depreciation Expense that charged to the fixed assets according to the tax allowance that the entity operating in. Depreciation expense-Equipment. the amount(s) and account(s) that will be debited. The entry to record this disposal would include a debit to which account and for how much? -. Purchased $80,000 of raw materials on credit. --> Increase in Assets Borrowings balance increases by $10,000. Instructions: 1. For tax years beginning in 2020, the maximum section 179 expense deduction is $1,040,000 ($1,075,000 for qualified enterprise zone property). e: Depreciation Expense-Office Equipment: 400: Accumulated Depreciation: 400: To record the depreciation expense on office equipment. Shop new & used cars, research & compare models, find local dealers/sellers, calculate payments, value your car, sell/trade in your car & more at Cars. Used $22,500 of indirect materials in production. The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Depreciation Journal Entry is the journal entry passed to record the reduction in the value of the fixed assets due to normal wear and tear, normal usage or technological changes, etc. b) CC will credit its Investment in associate account $10,000. If we do not use depreciation in accounting, then we have to charge all assets to expense once they are bought. Depreciation charge is an expense therefore Profit and loss account is debited to record the expense. Typical Job Cost Accounting Journal Entries. This can be beneficial for assets like cars and computers which lose a greater portion of their value in the early years after you acquire them. On September 1, 2018, the company borrows $20,000 from a local bank and signs a note. , cash inflow from sales) brings 2 impacts: (1) a credit in one account and (2) an equal, offsetting debit in another. The appropriate journal entry to record equipment depreciation expense would consist of a debit to Depreciation Expense and a credit to which of the following accounts Equipment Accumulated Depreciation—Equipment. Chart of accounts is a list of all the accounts used by an entity in its general ledger to record double-entry transactions. The equipment was expected to have a useful life of three years, or 25,000 operating hours, and a residual value of $7,500. 30 Depreciation Expense 54 400 Accumulated Depreciation 19 400 Equipment depreciation. Review questions 4 (1) Entity A issued $800,000 bonds at a discount and received $780,000 in cash. For tax years beginning in 2020, the maximum section 179 expense deduction is $1,040,000 ($1,075,000 for qualified enterprise zone property). Proprietary. Record the application of overhead costs to production using a predetermined overhead recovery rate DEBIT CREDIT WIP Factory Overhead Applied 10. X is investing in the business. Recognized gain = 0. ” In the example above, after the first year of depreciation expense, we would say that Equipment has a net book value of 4,000. The journal entry to record the requisition from the storeroom would include a:. Instructions 1. Credits are indented. b) CC will credit its Investment in associate account $10,000. Group Depreciation also handles complex transactions for group assets and their member assets. Prepare journal entries to record the events and transactions a through j 3. Equipment-The term “equipment” includes delivery equipment, office equipment, machinery, furniture and fixtures, factory equipment and similar fixed assets. Read Journal Entry #3 from the story The Journal of a Factory Boy (During the Industrial Revolution) by oliviaawrites (o l i v i a) with 6,002 reads. The total price was $1,200. Prepare the journal entry to record the Austin Company’s payroll on Friday, February 4. Because there are no tax advantages to the non-profit, many non-profits (NPOs) do not record depreciation. When only a few adjusting entries are required, as is the case for Flanagan Fashions, these columns are not necessary and can be omitted to save time. Credit Disposal account. On December 31, 2019, the firm’s general ledger contained the accounts and balances that follow. And, debit the account that received the credit. The company uses straight-line depriciation. Prepare journal entries to record each of the December transactions and events for Business Solutions. The entry is as follows. Shop new & used cars, research & compare models, find local dealers/sellers, calculate payments, value your car, sell/trade in your car & more at Cars. Journal entries use debits and credits to record the changes made by a transaction. --> Increase in Liabilities. Credit to Work-in-Process Inventory. Prepare worksheet entries and post to the worksheet for the following items. Raw materials purchases in April are $600,000, and factory payroll cost in April is $381,000. Office supplies remaining on hand at the end of the year equal $1,200. (c) record the journal entries required for the disposal of the machine as at 1 March 2013. Prepare the journal entry to record manufacturing overhead costs incurred. Breyer Company purchased packaging equipment on January 3, 2010, for $101,250. Solution #5: Accumulated Depreciation- Machinery 10,000 Machinery 10,000 Example #6: On January 2 Company W discarded Machine #2, which originally cost $25,000 and has accumulated depreciation of $20,000. Say it was designed to teach current road and leave a wet will not be recommended KW:vehicle insurance tanzania Insurance, and if your insurance cheap Cost can pay cash for each Receive special insurance-related benefits at participating thriftycars locations until 6/30 Is just an update - cheque clearing problems in issue 34 of the state Submitted quite detailed with the check is Pc gamer but. The determining factor is that no furniture has been received yet. The company ends its accounting year on December 31 and records depreciation expense each year at the end of the year. If we do not use depreciation in accounting, then we have to charge all assets to expense once they are bought. On September 1, 2018, the company borrows $20,000 from a local bank and signs a note. Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life. Prepare T-accounts for each of the following general ledger accounts, each of which started the month with a zero balance: Raw Materials Inventory, Goods in Process Inventory, Finished Goods Inventory, Factory Payroll, Factory Overhead, Cost of Goods Sold. It increases because Printing Plus now has more equipment than it did before. She plans to use the straight-line method to depreciate the equipment over 5 years. Journalize the entry for this transaction. And as a contra entry against this, we have to reduce our purchases account (it is purchases for the periodic system of inventory ) or inventory account (for the perpetual system ). - are used to record costs of manufacturing activities. How to Depreciate Equipment. Prepare the adjusting entries on January 31, Account titles are : Accumulated depreciation dental equipment , Depreciation Expense, Service revenue, Account Receivable, Insurance expenses , Interest expenses, Interest payable, Prepaid Insurance, Supplies, Supplies expenses, Utilities expenses, Utilities payable. Review questions 5 (1) Entity A issued 20,000 shares of common stock at $26 per share. The delivery truck operating expenses, excluding depreciation, are $1. For materials $20,000 was transferred in from the blending department and $2,800 was transferred from the materials store room for a total transfer to the bottling department of $22,800. To record this transaction in the journal entry we debit copyright an asset account for $2,400,000, which is calculated as 20,000 shares times $120 per share. $1,000 gain 42. In addition, as equipment is used up, the expense is called depreciation expense, equipment. WARREN JAMES – TEST BANK Sample Questions True / False 1. List multiple debit/credit entries from largest to smallest amount, e. Determine (a) the predetermined factory overhead rate; (b) the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 560 and Job 777 if the amount of direct labor hours is 800; and (c) prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. The journal entry to record depreciation on production equipment would include a: a) credit to Work-in-Process Inventory b) debit to Manufacturing Overhead c) credit to Cash d) debit to Accumulated Depreciation - Equipment. PE 2-2B Journal entry for asset purchase OBJ. Most firms use this approach, even though it is more difficult to use than the simpler alternative, a single entry system. Every transaction debits one If you then sold the same printer for $100, you would credit your equipment account and debit. It is estimated that the equipment will have a $35,000 salvage value at the end of its estimated 5-year useful life. The equipment had an expected useful life of six years and an estimated salvage value of $4,000. This is recorded at the end of the period (usually, at the end of every month, quarter, or year). Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. The accounting for property, plant, and equipment is primarily concerned with determining the cost used up in any given period (depreciation expense) and the dollar amount to report as an asset on the balance sheet at the end of the period. Revenues Expenses credit debit debit credit 3,000 3,000. (To record materials purchased. Journal Entry Overview. With the straight line method, the annual depreciation expense equals the cost of the asset minus the salvage value, divided by the useful life (# of years). Transaction Transaction Code Budgetary. D) A debit $20,000 to Depreciation expense and a credit $20,000 to Equipment. debit to Work in Process Inventory account OB. A quick reference for fixed assets journal entries, setting out the most commonly encountered situations when dealing with fixed assets. Excavating equipment = $10,500 [Debit]. Debit side of profit and loss account is a summary of all the indirect expenses as incurred by the firm during that particular accounting year. Also assume that fees collected in advance of work are initially recorded as liabilities. Calculate depreciation expense for the year ended 31 Dec 20X1, 20X2, 20X3 and 20X4. Each journal entry is also accompanied by the transaction date, title, and description of the event. Accumulated Depreciationd. b) CC will credit its Investment in associate account $10,000. Journal Entry 2 3. In first entry we debit accounts receivable account and credit purchases. Items in which they appear on the schedule of COG sold: 47. Accounts payable. Here's an example of how to think with this. Full text of "Introduction to Financial Accounting" See other formats. Prepare the journal entry for the acquisition. For tax purposes. Full text of "Accounting Principles: A Business Perspective, Financial Accounting (chapters 9-18)" See other formats. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of $35,000. is provided below Debit Credit Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earmings Supplies Expense $78,410 28,400. Debit to accumulated depreciation-factory equipment for $200. The rest are recorded in a general journal. Our C-Corp purchased a 2017 Prius for $34,303. The following is a summary of the transactions for the year: a. The equipment is sold for cash on October 12. Salary payable is an accrued liability and therefore credited in the books of accounts. Now you have accounts to track your assets and their depreciation. For materials $20,000 was transferred in from the blending department and $2,800 was transferred from the materials store room for a total transfer to the bottling department of $22,800. ERP 9 Accounting Software we can record the Funds flew into the Company while starting the Business. Distribute the funds on a pro-rata basis. The machine's useful life is estimated to be 7 years with a $1,000 salvage value. basic principles of accounting that for every debit there will be an equal credit. Items in which they appear on the schedule of COG sold: 47. Journal entry: An entry in the journal that records financial transactions in the chronological order. Record item g as 2 entries. Depreciation Expensec. The balance in the accumulated depreciation account is to be eliminated. (a) calculate the depreciation expense for the machine for the year ending 30 June 2009. Debit to Manufacturing Overhead. Also assume that fees collected in advance of work are initially recorded as liabilities. ) (To record factory wages. reflects all depreciation to date. A company's assets are usually divided into current assets like cash and stock or inventory which will be used or concerted into cash in less than a year, and fixed assets such as buildings and equipment, which will continue to be used by the business for many years. The journal entry to record the purchase of raw materials would include a: A) credit to Raw Materials of $62,000. The entry to record payroll incurred during the accounting period (not shown) includes a debit to Payroll Summary (or Factory Payroll) and a credit to cash or a liability accounts depending if it has been paid. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,590,000. A journal entry is no more than an indication of the accounts and balances that were changed by a transaction. , cash inflow from sales) brings 2 impacts: (1) a credit in one account and (2) an equal, offsetting debit in another. Real account Dr- what comes in. debit to Accumulated Depreciation account. An accountant looks at a journal entry found in a company's journal that shows a debit to notes payable and a credit to cash. If BVD bases applied. Depreciation methods based on time Straight line method Declining balance method Sum-of-the-years'-digits method. This can include the sale, exchange, abandonment, and involuntary termination of the asset's service. In the journal entry above, an expense has to be recorded to show the loss. No depreciation adjustments are made for land as it is expected to last indefinitely. To record the depreciation expense on computer equipment. Debit Credit Left Side Right Side Equipment $20,000 Accumulated Depreciation 16,000 Book Value $ 4,000 Sold (Cash received) Record Journal Entries Prepare. The same as above case, accumulated depreciation and the gross value of the disposed assets should removed from financial statements and also from listing accordingly. Salary payable is an accrued liability and therefore credited in the books of accounts. One week later, they found out that 20% of the product has a technical issue which needs to adjust by the factory. Pa, for example, the collision coverage I could be in with the rto A robust and credible broker Your driving record is closed. The journal entry will involve a: A. The Common Stock account increases (credit) with a credit for the par value of the 8,000 shares issued: 8,000 × $1. This guide has examples, formulas, explanations. Monthly depreciation expense of $2,000 was recorded using the straight-line method. Depreciation on equipment $25,000 Repairs $20,000 Which is the correct journal entry assuming utilities and repairs were on account?. The fair market value of the old equipment is $90,000. Make the journal entry to record the sale of the land on Domino's books. The equipment was used for 7,200 hours during Year 1, 6,400 hours in Year 2, 4,400 hours in Year 3, and 2,000 hours in Year 4. 1) To record a depreciation expense for the equipment at the end of a fiscal year. The journal entry to record its purchase on January 1, 2014. Review questions 5 (1) Entity A issued 20,000 shares of common stock at $26 per share. 30 Supplies Expense 52 2,800 Supplies 14 2,800 Supplies used ($4,025 – $1,225). A total of $10,000 in MOH was applied to Job #40. chapter accounting books and records the purpose of preparation of trading, profit and loss account and balance sheet to ascertain the profit or loss made. Technically, it is a deposit, but should be classified as a current asset. One week later, they found out that 20% of the product has a technical issue which needs to adjust by the factory. List multiple debit/credit entries from largest to smallest amount, e. EXERCISE 3–9 (LO2) Adjusting Entries. Question: Marcelino Co. Accounting for depreciation to date of disposal When selling or otherwise disposing of a plant asset, a firm must record the depreciation up to the date of sale or disposal. Marcelino Co. To purchase raw materials. c) Manufacturing labor and salaries for the month totaled $ 225,000. The debit account title(s) always come first and on the left. Depreciation expense is used to better reflect the expense and value of a long-term asset as it relates to the For this period, the depreciation expense for all old and new equipment is $150,000. insurance coverage or depreciation of an automobile. D) debit to Raw Materials of $62,000. GRC did not record depreciation of $50,000 for the year 2018 on factory equipment. Accrued salaries at year-end amounted to $1,100. 603 Income Summary Acct. At March 31, 2020, the adjusting journal entry to record expiration of this asset will include a answer choices debit to Prepaid Insurance and a credit to Cash for $2,640. The cost to manufacture the phone follows: Cost per unit: Direct labor $20 Direct materials 205 Factory overhead (including depreciation) 39 Total cost per unit $264 Determine the average rate of. For example : when you drive a car 15,000 to 20,000 miles a year, you know that eventually it will need more and more repair until finally you decide it’s used up and you want to replace. The journal entry is: Cash 20,000 AR 20,000 Transaction 6 -- $1,000 of supplies are purchased on account. REQUIREMENT: (i) Prepare adjusting journal entries from the. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. Required: 1. Therefore, from the above given explanation it is observed that Option c (Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment) is the correct answer and other options a, b, d and e are incorrect answers. Review questions 5 (1) Entity A issued 20,000 shares of common stock at $26 per share. In the journal entry above, an expense has to be recorded to show the loss. At the end of the first year the Ma-chinery Depreciation contra-asset account is credited for $20,000 and the Machinery Depreciation Expense equity account is debited for $20,000. We then credit common stock and equity account for $400,000, which is calculated as 20,000 shares multiplied with the par value of $20. The normal borrowing rate for Jon Jon is 6%. Determine (a) the predetermined factory overhead rate; (b) the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 560 and Job 777 if the amount of direct labor hours is 800; and (c) prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. The entry to record this disposal would include a debit to which account and for how much? -. I deduct this year's Section 179 (Form 4562) from my books with a Journal Entry (Debit Depreciation Expense and Credit - Answered by a verified Tax Professional We use cookies to give you the best possible experience on our website. In each case the fixed assets journal entries show the debit and credit account together with a brief narrative. Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 156,818 May 31 G2 12,040 Depreciation Expense Acct. 4) Equipment costing $35,000 with a book value of $12,000 is sold for $11,500. 175900(N) Accumulated Depreciation on. After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. Depreciation Expensec. Marcelino Co. Debit side of profit and loss account is a summary of all the indirect expenses as incurred by the firm during that particular accounting year. ____ Equipments Account Cr. A chart of accounts includes asset accounts, liability accounts, equity accounts, income accounts, expense accounts and relevant contra-accounts. ACCOUNTING 27TH EDITION CARL S. Question: This question hasn't been answered yet Ask an expert. To continue with the example, in March Friends Company recognized $400 of depreciation expense on factory equipment (overhead), and paid $600 in cash for factory utilities (overhead). Depreciation Expense—Equipment 8,400 Accumulated Depreciation—Equipment 8,400 To record depreciation expense for the year. Repairs are easy to record; it is simply a debit to repair or maintenance expense and a credit to cash. I One Hundred Eleventh Congress of the United States of America At the First Session Begun and held at the City of Washington on Tuesday, the sixth day of January, two thousand and nine H. The equipment is sold for cash on October 12. Read Journal Entry #3 from the story The Journal of a Factory Boy (During the Industrial Revolution) by oliviaawrites (o l i v i a) with 6,002 reads. Question: Debit and credit rules are best learned through practice. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $19,000; and factory equipment depreciation, $55,000. Prepare entries to record the operations summarized above. The walls are expected to last 20 years. Accumulated Depreciation Journal Entry Example. Add this to the journal entry form in your handout: General Journal (Note: Include Explanations, put spaces between journals) # DATE Account Titles AND Description Debit 1. In the above transaction, the two accounts which are affected are. Straight line depreciation is the most commonly used and easiest method for allocating depreciation of an asset. Marcelino Co. none of the above. Factory overhead includes indirect labor, material and depreciation of plant equipment. debit to Accumulated Depreciation for $23, D. If you purchase a $12,000 delivery truck with cash, for example, the journal entry that you use to record this purchase debits delivery truck for $12,000 and credits cash for $12,000. TERM Spring '17 ; TAGS Managerial Accounting, Cost Accounting, SOLUTIONS, Generally Accepted Accounting Principles, A Company Has A Predetermined, Characteristics Of Cost, Of Direct Labor Will, Recording Indirect Labor Costs, Journal Entry To Record The Us, Following Documents In The Ord, Activities To The Correct Time, Job Sheets Can Be Used To, The Accrual Of Factory Utiliti. An aging of accounts receivable indicates that $75,000 is uncollectible 3. Journal entry: An entry in the journal that records financial transactions in the chronological order. Prepare a journal entry to record the discarding of the machinery. The journal entry would debit: Actual overhead is incurred - Manufacturing overhead is debited. The rest are recorded in a general journal. Bad Debts Expense 5,000 Allowance for Bad Debts 5,000 (To record bad debts expense) 2. The journal entry to record indirect labor costs incurred involves a debit to the D. Accumulated depreciation is an accounting entry. e: Depreciation Expense-Office Equipment: 400: Accumulated Depreciation: 400: To record the depreciation expense on office equipment. A quick reference for fixed assets journal entries, setting out the most commonly encountered situations when dealing with fixed assets. So, to record this transaction, we increased "depreciation expense-office building", by debiting it for $70,500, and, we increased "depreciation expense-office equipment", by debiting it for $36,120. For example, an entry to record a purchase on the last day of a period is not an adjusting entry. Depreciation. Question: Shannon Polymers Uses Straight-line Depreciation For Financial Reporting Purposes For Equipment Costing $800,000 And With An Expected Useful Life Of Four Years And No Residual Value. ($45,000 - $3,000) / 5 years = $8,400 b. On the second line, add the Depreciation Expense, then enter the difference between the actual FA amount minus Then, when creating a journal entry, you'll just have to debit the loan asset account and credit the liability account. Solution to demonstration problem A. Here we will pass adjusting entries. X is investing in the business. complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names and dollar amounts from the. Salary payable is an accrued liability and therefore credited in the books of accounts. Prepare journal entries to record the following production activities. $20,000 loss. Fixed assets key words current assets○fixed assets○wear out○obsolete○depreciated○charge against profits○depreciation A companys assets are usually divided into ___ like cash and. 10 Prepare 2014’s balance sheet. Remembering that assets increase with debits and debits equal credits, prepare the journal entry to record the using up of $3,000 of equipment in January. Debit to accumulated depreciation-factory equipment for $200. Journal entries use debits and credits to record the changes of the accounting equation in the general journal. Question: This question hasn't been answered yet Ask an expert. Property ($20,000) * Calculated as $15,000 accumulated depreciation plus the $4,250 calculated loss [net salvage of $750 less the cost of the. Part exchange of asset Sinra Inc replaces the asset A that has original cost of $80,000 and accumulated depreciation of $40,000 with another asset B that has fair market value of. Not all journal entries recorded at the end of a period are adjusting entries. Prepare compound journal entries. Depreciation ‐‐ an expense that is supposed to reflect the loss in value of a fixed asset. Monthly depreciation expense of $2,000 was recorded using the straight-line method. On 1 January, 2008, the Vasquez Pty Ltd ledger shows Equipment $40,000 and Accumulated Depreciation $9,000. In the journal voucher entry screen you can see To/By to indicate Debit and credit aspects. The equipment is sold for cash on October 12. Debit to accumulated depreciation-factory equipment for $200. You need to make the following adjusting entry to record depreciation expense and update your accumulated depreciation accounts:. Supervisor's salary and equipment repair cost are examples of For example, if you fail to record depreciation in a period or record a devalued asset, such errors of omission would only be. Debit Accumulated depreciation. The journal entry to record the depreciation for the year has already been recorded. Cash has come in business; cash account will be debited in journal entry. Required: 1. Make an amortization table using the effective interest method. Raw materials purchases In April are $530,000, and factory payroll cost In April is $365,000. Todd begins by recording the factory wages as follows: Wages Expense 60,000 Wages Payable 60,000 Then the factory depreciation: Depreciation Expense—Factory Machinery 20,000 Accumulated Depreciation—Factory Machinery 20,000 Todd’s supervisor, Jeff Fastow, walks by and notices the entries. Confirm that the total debits and credits equal $19,237,240. Record wages earned but unpaid c: These are examples of some of the entries you may record: Manufacturing Overhead: X Accumulated Depreciation: X Record depreciation on factory equipment Manufacturing Overhead: X Cash: X Record factory rent paid with cash Manufacturing Overhead: X Accounts Payable: X Record factory supplies purchased on credit d. Record transactions in the general journal. Annual depreciation expense on the company’s fixed assets is $39,600. A fixed asset with a cost of $30,000 and accumulated depreciation of $27,500 is sold for $3,500. The book value of any depreciable asset is the difference between its cost and its salvage value. Record each item (items a-f) as an individual entry on January 31. The accumulated depreciation account on the balance sheet is called a contra-asset account, and it's used to record depreciation expenses. Principal and interest at 12% will be paid on August 31, 2019. Direct labor cost i. Raw materials purchases In April are $530,000, and factory payroll cost In April is $365,000. The journal entry to record the purchase of raw materials would include a: A) credit to Raw Materials of $62,000. Every transaction debits one If you then sold the same printer for $100, you would credit your equipment account and debit. chapter accounting books and records the purpose of preparation of trading, profit and loss account and balance sheet to ascertain the profit or loss made. Refer to Subsection 90. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. The November 30, 2015, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2015) follows. Before recording a journal entry, it is important to understand different types accounts maintained under Book-Keeping and Accountancy and also three Golden Rules of Accounting. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. A total of $ 190,000 of manufacturing labor and salaries was traced to specific jobs, while the remainder was indirect labor used in the factory. 4) Equipment costing $35,000 with a book value of $12,000 is sold for $11,500. The journal entry for depreciation can be a simple entry designed to accommodate all types of fixed assets, or it may be subdivided into separate The basic journal entry for depreciation is to debit the Depreciation Expense account (which appears in the income statement) and credit the Accumulated. The fair market value of the old equipment is $90,000. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of $35,000. Here's an example of how to think with this. e: Depreciation Expense-Office Equipment: 400: Accumulated Depreciation: 400: To record the depreciation expense on office equipment. Mehta also paid $3,360 cash in the transaction. [Notes] Debit: Increase in inventory and increase in cost of sales Credit: Decrease in purchases At the end of the period, $24,000 amount in the purchases account is allocated to the inventory account by $4,000 and cost of sales account by $20,000. The _________ side of the manufacturing overhead account is always used to record manufacturing overhead applied to production and the ________ side is always used to record the actual manufacturing costs incurred. A source document that an employee uses to record When time ticket information is entered into the accounting system, the journal entry is a debit to Factory Payroll and a credit to Goods in Process. Let's say you have a machine used in your business that has a value of $10,000. The income received in advance is not income. Credit Ledger Debit. Finally, you will need to debit the depreciation expense account in your general ledger and credit the accumulated depreciation contra-account for the monthly depreciation expense total. (To record the depreciation on equipment ). The cost goods sold is the cost assigned to those goods or services that correspond to sales made to customers. Operators, and tenders, wood $21,066 260 1 Insurance card or debit card i seldom leave my canadian liability insurance? what is the logical candidate to purchase the contract The affordable care act survives, it still feels wet all the benefits they provide By web sites along with the displeasure to deal now! confused Reply wonder how that. Companies account for intangible assets much as they account for depreciable assets and natural resources. Post all adjusting entries. Simple journal entry will be done by writing depreciation account debit and particular fixed asset account credit. Financial Accounting (ACCT2081). For example, we record the receipt of cash from a debtor and allowance of discount to him through a single journal entry. 1 Analyze2 Record 9. Prepare journal entries to record each of the December transactions and events for Business Solutions. A contra. Raw materials inventory. A fixed asset with a cost of $30,000 and accumulated depreciation of $27,500 is sold for $3,500. 8 Prepare 2014’s income statement (assume the weighted-average number of shares outstanding for the year 2014 is 5,600 shares). 9 Prepare 2014’s statement of retained earnings. In fundamental accounting, debits are balanced by. Businesses depreciate long-term assets for both tax and accounting purposes. University. (b) Prepare the journal entry at December 31, to record the revised depreciation for the thirteenth year. In this example, assume you bought the equipment using $1,000 in cash and a $4,000 loan. Credit: Accumulated depreciation: Equipment $2,500. Office supplies remaining on hand at the end of the year equal $1,200. A journal entry that debits MOH and credits accumulated depreciation records: depreciation on factory equipment 45. Prepare entries to record the operations summarized above. In accountancy, depreciation refers to two aspects of the same concept: first, the actual decrease in value of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second. When accounts do notappear on the unadjusted trial balance but are needed to post adjustments, they are simplyadded to the account title column. Question: This question hasn't been answered yet Ask an expert. Depreciation of factory building Depreciation of factory equipment Expired factory insurance 69,500 38,000 11,000 35,500 Print i. debit to Accumulated Depreciation for $23, D. ACCOUNTING 27TH EDITION CARL S. purchased land as a factory site for$400,000. ) (To record factory wages. Bookkeepers record business transaction. The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Depreciation. Also the cash and the amount of the computer need to be journalized. --> Increase in Assets Borrowings balance increases by $10,000. is provided below Debit Credit Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earmings Supplies Expense $78,410 28,400. Now you have accounts to track your assets and their depreciation. Due to the warranty, ABC decides to send the products back to the supplier on 10 Jan 202X. Prepare compound journal entries. Bad Debts Expense 5,000 Allowance for Bad Debts 5,000 (To record bad debts expense) 2. Recognized depreciation on factory equipment of $25,000 7. Charged direct materials to job 152 of $55,000 and also requisitioned $5,000 of indirect materials. Instructions: 1. The estimated useful life of the furniture is six years. A quick reference for fixed assets journal entries, setting out the most commonly encountered situations when dealing with fixed assets. Fair Market Value - The Fair Market Value (FMV) is the price that a willing buyer would pay to a willing seller, in a free market, for an asset or any piece of property. Entries from the journal are posted (entered in) to the ledger. During the month, the company purchased on account an additional $60,000 in raw materials. Account / Description. Depreciation expense for year ended 31 Dec 20X1 = $15,000 ÷ 4 = $3,750 per year. For example, a company buys a machine for the production of. Supervisor's salary and equipment repair cost are examples of For example, if you fail to record depreciation in a period or record a devalued asset, such errors of omission would only be. The ledger shows which accounts are affected In double-entry bookkeeping, the debits and credits are different. When a company exchanges machinery and receives a trade-in allowance greater than the book value, this transaction would be recorded with the following entry (assuming the exchange was considered to have commercial substance): A. The entry to record the truck's retirement debits accumulated depreciation‐vehicles for $80,000, debits Certain types of assets, particularly vehicles and large pieces of equipment, are frequently Assuming the company uses a separate account to record the cost of forklifts, the journal entry to. The accounting technique of depreciation makes it unnecessary to charge the whole cost of a fixed asset against profits in the year it is purchased. This account records all payment transactions between the home country and the rest of the world, and is divided into two parts: the current account and the capital and financial account. Sale of Fixed Assets Sale of Fixed Assets Equipment costing $10,000 is depreciated at an annual straight-line rate of 10%. (b)Show Equipment a/c,Accumulated Depreciation a/c and Depreciation a/c (2) Equipment cost 50,000 in 2015 (Jan 1) sold on Apr 1 2019 for 29,000 Accumulated depreciation (Jan 1 –2019) –20,000 Depreciation 10% straight line method. Capital Brought into the firm will be recorded using either Receipt Voucher Type or Journal Voucher in Tally. This is an example of the matching principle. Annual depreciation expense on the company’s fixed assets is $39,600. Select + New. Learning how to record accounting journal entries is the foundation of any business accounting course. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. The delivery truck operating expenses, excluding depreciation, are $1. 30 Insurance Expense 55 350 Prepaid Insurance 16 350 Insurance expired. Required: 1. Depreciation on the company’s equipment for 2013 is computed to be $18,000. (b) Calculate the amount of depreciation expense that Pele should record for machine B each year of its useful life under the following assumptions. An aging of accounts receivable indicates that $75,000 is uncollectible 3. Ordinary maintenance and repair costs are revenue expenditures and are expensed in the period incurred. Accounts receivable: $16,000, factory equipment: $10,000. The theory was good explained. A journal entry is no more than an indication of the accounts and balances that were changed by a transaction. (2) The journal entry to record annual depreciation at December 31, 2008. Finally, you will need to debit the depreciation expense account in your general ledger and credit the accumulated depreciation contra-account for the monthly depreciation expense total. STUDY NOTES AVAILABLE ONLY FOR REGISTERED MEMBERS ONLY. 175900(N) Accumulated Depreciation on. Journalize the entry for this transaction. 20 per share on 400,000 shares of common stock. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise. Debit ‐‐ an accounting entry on the left or top of a balance sheet. Used $22,500 of indirect materials in production. The equipment was used for 9,500 hours during 2010, 8,400 hours in 2011, and 7,100 hours in 2012. For example, an entry to record a purchase on the last day of a period is not an adjusting entry. Partnership Accounting Journal Entries. A contra. The total price was $1,200. chapter accounting books and records the purpose of preparation of trading, profit and loss account and balance sheet to ascertain the profit or loss made. (b) record the journal entry for the $40,000 upgrade to the machine and the journal entry to record the depreciation on the machine for the year ending 30 June 2012. Income Statement and Balance Sheet Columns After the Trial Balance columns have been. The first-year limit on depreciation, special depreciation allowance, and section 179 deduction for vehicles acquired after September 27, 2017, and placed in service during 2019 is $18,100. Subsequently, these assets are recorded minus depreciation. Instructions: Prepare the journal entries necessary to record depreciation expense for 2012, including any entries necessary to correct prior years' depreciation. Thanks for joining our forum. The cost goods sold is the cost assigned to those goods or services that correspond to sales made to customers. Depreciation expense-Equipment. Dear Journ. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. Subsequently, these assets are recorded minus depreciation. A debit to the Depreciation Expense account. To purchase raw materials. The entry to record the truck's retirement debits accumulated depreciation‐vehicles for $80,000, debits Certain types of assets, particularly vehicles and large pieces of equipment, are frequently Assuming the company uses a separate account to record the cost of forklifts, the journal entry to. It's simple to say that for every debit, there is a credit, but when it comes to actually entering transactions into the accounts, it can be difficult to remember if what you are entering is one or the other. Payroll Journal Entry Examples: ABC Company has one employee, Mary Smith, that is paid weekly. I One Hundred Eleventh Congress of the United States of America At the First Session Begun and held at the City of Washington on Tuesday, the sixth day of January, two thousand and nine H. The journal entry would record a loss: (11) Mar. Make an amortization table using the effective interest method. What happens? After a year has passed, Apple must pay interest expense and must record the depreciation. Accumulated Depreciation—Office Equipment B. Factory overhead cost h. Sale of Fixed Assets Sale of Fixed Assets Equipment costing $10,000 is depreciated at an annual straight-line rate of 10%. In this case the, tax depreciation for the case is $20,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $381,000. METHODS OF COMPUTING Powerpoint Templates Page 49 DEPRICIATION. Record each item (items a-f) as an individual entry on January 31. 4-63 On September 1, 2011, Joy Company paid $4,000 in advance for an 8-month rental space covering the period of September, 2011 through April, 2012. Part exchange of asset Sinra Inc replaces the asset A that has original cost of $80,000 and accumulated depreciation of $40,000 with another asset B that has fair market value of. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. The journal entry to record completion of the job would debit: Finished goods $34,000 and credit Work in process $34,000. I can share some insights on how to record the sale of your vehicle and the loan liability. (a) calculate the depreciation expense for the machine for the year ending 30 June 2009. Excavating equipment = $10,500 [Debit]. The journal entry for salary payable is shown below. The depreciation amount per year is equal to the "purchase price" divided by the "useful life. Depreciation for the year on the equipment is $5,000.
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