Question: Question 2 [5 points] On July 10, 2014, Stake Technology Inc. purchased trucks and boats for a total price of $540,000, paying cash of $80,000

Question 2 [5 points] On July 10, 2014, Stake Technology Inc.

Question 2 [5 points] On July 10, 2014, Stake Technology Inc. purchased trucks and boats for a total price of $540,000, paying cash of $80,000 and borrowing the balance from the bank to be repaid within 7 years. The bank appraised the trucks at $245,000 and the boats at $245,000 Enter an appropriate description, and enter the date in the format dd/mmm (ie., 15/Jan) General Journal Page GJ2 Date Account/Explanation F Debit Credit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

The City Council of the City of Eastover adopted the following budget for its General Fund for 20X8. The budget was not revised during the fiscal year. The budgetary basis was modified accrual. City...

Question 2 [5 points) On July 29, 2014 Volor Inc purchased trucks and boats for a total price of $600,000, paying cash The bank appraised the trucks at $160,000 and the boats at $302.000 Enter an...

Analysis constant (select one) (select one) Question 2 [5 points] On July 7, 2014 Southgate Inc purchased equipment and machinery for a total price of $480 000, paying cash of $50,000 and borrowing...

Question 2 [5 points] On July 7, 2014, Southgate Inc purchased equipment and machinery for a total price of $480,000, paying cash of $50,000 and borrowing the balance from the bank to be repaid...

On December 31, 2014, Floozy Inc. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares...

accounting due 1159 tonight 2/28/2017 please help if possible ......................................................... Joe's Tuxedos has monthly fixed costs of $12,000. The variable costs of sales...

I'm looking for some serious help with my two assignments, I was trying to find Iowaringa so he can help me out. One assignment is a quiz and the second is 1 homework problem. Question 1 (30 points)...

Would like for you to help me with my quiz and homework question. You were great help in the past, and I would really appreciate it! Question 1 (30 points) On December 31, 2014, Rayco Inc. had the...

The following is selected information from Rayco Company for the fiscal years ended December 31, 2014: Rayco Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets...

Differentiate between time risk and risk conditions.

Tyler wants to invest $20,000, today, to accumulate $32,000 for the purchase of an alpaca farm. He can invest this $20,000 at an interest rate of 10%, compounded annually. Therefore, to determine the...

Expand and simplify the expression (2x-1)x+5)-5x(x-4).

Dr. John Anderson previously worked as a research scientist for Sensor Inc., a company that develops tiny sensors that detect and identify trace amounts of chemicals in the air. Sensor Inc. markets...

? ??? 1. Find the three stiffness matrices [A], [B], and [D] for a [0/90] glass/epoxy laminate. Use the properties of glass/epoxy unidirectional lamina from Table 2.2 and assume the lamina thickness...

QUESTION 17 When investors value start-ups, they want to know what sort of information? a. The entrepreneurs experience and the teams past successes b. How many people use the product or service c....

What is the main advantage to this tactic?

What administrative cost items are associated with this tactic?

What is the full-cost budget?