Prepare journal entries for the following if the company adjusts its accounts annually: (a) 1 November...
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Prepare journal entries for the following if the company adjusts its accounts annually: (a) 1 November 20X1. Purchased machinery for $93,600 with a $7,200 residual value and a six year life by paying $14,400 down and the balance with a Note Payable. (Ignore interest) (b) 31 December 20X1. Record the adjusting entry for depreciation using the straight line method to the nearest month. (c) 1 July 20X2. (i) The depreciation before the disposal; (ii) Sold the machinery for $81,600 cash; and (iii) Paid off the Note Payable. Debit $ Credit $ a. b. c.i c.ii c.iii Prepare journal entries for the following if the company adjusts its accounts annually: (a) 1 November 20X1. Purchased machinery for $93,600 with a $7,200 residual value and a six year life by paying $14,400 down and the balance with a Note Payable. (Ignore interest) (b) 31 December 20X1. Record the adjusting entry for depreciation using the straight line method to the nearest month. (c) 1 July 20X2. (i) The depreciation before the disposal; (ii) Sold the machinery for $81,600 cash; and (iii) Paid off the Note Payable. Debit $ Credit $ a. b. c.i c.ii c.iii
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Debit Credit a Machinery 93600 Cash 14400 Notes payable 79200 b Depreciatio... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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