Homework Answers
Answer:
1) e. cr. Loss on Disposal of Assets - $1000
Journal Entry
c. dr. Cash $2000
b. dr. Accumulated depreciation-office furniture $5000
a. dr. Loss on Disposal of Assets $1000
d.cr. Office Furniture $8000
2) c. cr. Sales Revenue - Passenger Vans
Journal Entry
a. dr. Cash
d. dr. Accumulated depreciation- passenger vans
e. cr. Passenger Vans
b. cr. Gain on Disposal of Assets
3) d. dr. Sales Tax Payable $7
Journal Entry
b. dr. Cash $107
c. cr. Sales Revenue $100
a. cr. Sales Tax Payable $7
4) c. cr. Interest Expense
Journal Entry
b. dr. Notes Payables
d. dr. Interest Expense
a. cr. Cash
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