Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| Jul-01 | Equipment | $ 18,350.00 | |
| Cash | $ 18,350.00 | ||
| (To record purchase of Equipment) |
Insurance cost will not be added to cost of Equipment.
Alternate solution
| Date | General Journal | Debit | Credit |
| Jul-01 | Equipment | $ 18,350.00 | |
| Prepaid insurance | $ 1,950.00 | ||
| Cash | $ 20,300.00 | ||
| (To record purchase of Equipment) |
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Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,400. They expect to use the Suburban for five years and then sell the vehicle for $6,200. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,650 to GEICO for a one-year insurance policy. The company spends an extra $6,400 to repaint the vehicle,...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,000. They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,550 to GEICO for a one year insurance policy. The company spends an extra $6,000 to repaint the...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle,...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purc...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle,...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle,...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2022 • The company pays $1,950 to GEICO for a one year insurance policy. • The company spends an extra $3,600 to...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022. for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2022: • The company pays $1.950 to GEICO for a one-year insurance policy. . The company spends an extra $3,600 to repaint...
ony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purch...
ony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle,...
Required information [The following information applies to the questions displayed below) Tony and Suzie see the...
Required information [The following information applies to the questions displayed below) Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,000. They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 2022 The company pays $2,550 to GEICO for a one year insurance...
Required information The following information applies to the questions displayed below) Tony and Suzie see the...
Required information The following information applies to the questions displayed below) Tony and Suzie see the need for a rugged all terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1 2022, for $15,000 They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $2.550 to GEICO for a one...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,000. They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,550 to GEICO for a one year insurance policy. The company spends an extra $6,000 to repaint the...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2022 • The company pays $1,950 to GEICO for a one year insurance policy. • The company spends an extra $3,600 to...
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022. for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2022: • The company pays $1.950 to GEICO for a one-year insurance policy. . The company spends an extra $3,600 to repaint...
Required information [The following information applies to the questions displayed below) Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,000. They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 2022 The company pays $2,550 to GEICO for a one year insurance...
Required information The following information applies to the questions displayed below) Tony and Suzie see the need for a rugged all terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1 2022, for $15,000 They expect to use the Suburban for five years and then sell the vehicle for $6,000. The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $2.550 to GEICO for a one...
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