sam paid for the truck fit. parts and installation cost = $4188 , frieght cost $3000 & insuarance another $1800.
journalise the above statement.
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sam paid for the truck fit. parts and installation cost = $4188 , frieght cost $3000...
On January 1, 2024, Brisk Delivery Service purchased a truck at a cost of . Before placing the truck in service, Brisk spent $3000 painting it, $2,500 replacing tires, and $8,500 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annual mileage is expected to be 26,000 miles in each of the first four years and miles in the fifth year miles in total. In deciding which depreciation...
On the last day of the year a truck load of machine parts with a cost of $1,000 was set aside for shipment, but not shipped. Because it was still on hand it was included in the inventory, Because a shipping document was created it was also included in sales. REQUIRED: What adjusting entry should be made to the company's books at year end? What audit procedure should have been performed to detect the issue in advance? 66
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answer to all parts USING SRIM to solve
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Question 3 (12 marks) This question consists of two separate parts. Part A (7 marks) Caron Butler Ltd uses perpetual inventory system. The following transactions were undertaken during the month of April 2019. 5 April Purchased $70,000 inventory on account from ABC Ltd, terms 2/10, n/30. 7 April Returned $5,500 of the inventory purchased on 5 April to the supplier (ABC Ltd). 12 April Paid the amount due to ABC Ltd. 20 April Sold inventory $120,000 to XYZ Ltd on...
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Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,350,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 3%, 10 days, net 30 $ 285,000 Charlie Company Net 30 230,000 Dolly Company Net 30 320,000 Eagler Company Net 30 245,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
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The following transactions occurred for Dussault Ltd. Annual interest of 6% is paid on $500,000 of bonds payable that were issued last year. A truck was purchased for $50,000 at the beginning of this year. The truck is being depreciated over five years at a rate of $10,000 per year. Old equipment is sold for $40,000. The asset originally cost $160,000 and has accumulated depreciation of $125,000. New equipment is purchased for $200,000. A cash payment of $50,000 is made...