Homework Answers
1) Journal entry
| Date | account and explanation | debit | Credit |
| 1 | Equipment | 53000 | |
| Cash | 53000 | ||
| (To record expense) |
2) Journal entry
| No | account and explanation | debit | Credit |
| a | Repairs and maintenance | 6500 | |
| Cash | 6500 | ||
| (To record expense) |
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Required information [The following information applies to the questions displayed below.) Manrow Growers, Inc., owns...
Required information (The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment...
Required information (The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 410,000 151,200 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
Required information (The following information applies to the questions displayed below.] Manrow Growers, Inc., owns equipment...
Required information (The following information applies to the questions displayed below.] Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 420,000 231,600 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
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the journal entry to write down inventory under the lower of cost or net realizable value...
the journal entry to write down inventory under the lower of
cost or net realizable value rule results in a debit to cost of
goods sold and credit to inventory true
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the journal entry to write down inventory under the lower of
cost or net realizable value rule results in a debit to cost of
goods sold and credit to inventory true
E8-6 8-2, 8-3 Recording Depreciation and Repairs (Straight-Line Depreciation) Manrow Growers. Ine.. owns equipment for sowing and harvesting its organic fruit nuts that are sold to local restaurants and grocery stores. At the beginning of 2019 company showed the following balances: fruit, vegetables, and tree 2019. an asset account...
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