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![Date Account Titles and Explanation Debit Credit 01.01.2013 Machinery $109,000 $109,000 Accounts Payable (or Cash) To record machiery purchased 12.31.2013 Depreciation Expense $15,000 [As calculated above] $15,000 Accumulated Depreciation - Machinery To record depreciation for first vear $7,500 [$15,000 x 6/12] [As used for 6 months between Jan. 1 and Jun. 29] 06.29.2017Depreciation Expense $7,500 Accumulated Depreciation - Machinery To record depreciation for half year $45,500 $67,500 06.29.2017 Cash [($15,000 x 4 years)+ $7,500] [Cost of the asset] Accumulated Depreciation - Machinery $109,000 Machinery Gain on disposal of machinery $4,000 [Balancing figure -->$45,500+ $67,500 $109,000 $4,000] To record disposal of machiner](http://img.homeworklib.com/questions/c435e0c0-6efc-11ea-abf7-e9f0aaf9c97d.png?x-oss-process=image/resize,w_560)
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Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan....
IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith...
IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: July 1 12 21 27 Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. Purchased equipment on account, $2,400 The owner, Bill Alone, withdrew $500 cash from the business. Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan....
2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of...
2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000 Strigh-lie depreciation is taken each year assuming a seven-year life and a salvage cost of $4,00. The machine is disposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017.2) On Jun 2 2017 the machine is sold for $45,500 for cash. Journalize the transaction. direct write-off method to deal 3. Journalize the transactions for TED Co, assuming...
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line...
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line of tires it deals The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 568 26 Sales 91 IV. (40') Journalize the following transactions according to the descriptions and...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B Oct. 5 15 20 . Prepare the closing entries with the following information from the adjusted trial balance for RISE Co.: Accumulated...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B. Oct. 5 15 20 4. Prepare the closing entries with the following information from the adjusted trial balance for RISE Co. Accumulated...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory reeord using LIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price $68 Oct. I Beginning Inventory 10 7 Sales 18 Purchase 26 Sales 67 91 rV....
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's...
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. on October 18 and 26. reported the following October purchases and sales data for a line of tires it deals. 2) Identify cost of goods sold for the month and the profit of the month.3).Journalize the transactions Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales...
1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in...
1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. July1 12 Purchased equipment on account,$2,400 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400 Journalize each of the above transactions 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000 Strigh-lime depreciation is taken each year assuming...
Journalize closing entries 4. Prepare the closing entries with the following information from the adjusted Accumulated...
Journalize closing entries
4. Prepare the closing entries with the following information from the adjusted Accumulated Depreciation-equipment $5,000 3,200 1,900 Prepaid Insurance Unearned revenue Fees earned Wage expense Insurance expense Utilities expense Depreciation expense 70,980 4,150 1,245 2,713 2,042 3
2) Identify cost of goods sold f on October 18 and 26 Date Item Oct. 1...
2) Identify cost of goods sold f on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 the profit of the month. 3) Journalize the transactions Quantity (Units) Unit Price 7 Sales 18 Purchase 26 Sales $68 65 90 67 91 5 IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: 1 Received $10,000 contribution from Bill Alone in exchange for capital. 12 21 27 Paid...
IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: July 1 12 21 27 Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. Purchased equipment on account, $2,400 The owner, Bill Alone, withdrew $500 cash from the business. Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan....
2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000 Strigh-lie depreciation is taken each year assuming a seven-year life and a salvage cost of $4,00. The machine is disposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017.2) On Jun 2 2017 the machine is sold for $45,500 for cash. Journalize the transaction. direct write-off method to deal 3. Journalize the transactions for TED Co, assuming...
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line of tires it deals The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 568 26 Sales 91 IV. (40') Journalize the following transactions according to the descriptions and...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B Oct. 5 15 20 . Prepare the closing entries with the following information from the adjusted trial balance for RISE Co.: Accumulated...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B. Oct. 5 15 20 4. Prepare the closing entries with the following information from the adjusted trial balance for RISE Co. Accumulated...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory reeord using LIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price $68 Oct. I Beginning Inventory 10 7 Sales 18 Purchase 26 Sales 67 91 rV....
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. on October 18 and 26. reported the following October purchases and sales data for a line of tires it deals. 2) Identify cost of goods sold for the month and the profit of the month.3).Journalize the transactions Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales...
1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. July1 12 Purchased equipment on account,$2,400 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400 Journalize each of the above transactions 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000 Strigh-lime depreciation is taken each year assuming...
Journalize closing entries
4. Prepare the closing entries with the following information from the adjusted Accumulated Depreciation-equipment $5,000 3,200 1,900 Prepaid Insurance Unearned revenue Fees earned Wage expense Insurance expense Utilities expense Depreciation expense 70,980 4,150 1,245 2,713 2,042 3
2) Identify cost of goods sold f on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 the profit of the month. 3) Journalize the transactions Quantity (Units) Unit Price 7 Sales 18 Purchase 26 Sales $68 65 90 67 91 5 IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: 1 Received $10,000 contribution from Bill Alone in exchange for capital. 12 21 27 Paid...
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