Provide full debits and credits CASH ACCRUAL OUTFLOW 11 An old factory is reopened and refurbished...

Provide full debits and credits

CASH

ACCRUAL

			OUTFLOW
11	An old factory is reopened and refurbished for 20 in cash		20	20
	and the costs qualify as an EXPENSE
	This activity must be recorded in the Income Statement.

			INFLOW
12	An old Factory is sold for 60 in cash, at a gain of 30		60	30
	The fair value and sales price was 100	100		100
	The accumulated depreciation was 40	40		30
	The original acquisition cost for the asset was 70	70		70
	The net carrying amount of the asset on the books at the time of the sale is (70-40) = 30. The sales price is 60. Therefore the gain on sale is 30.


	This GAIN must be recorded in the Income Statement.
			OUTFLOW
13	Equipment for the factory is purchased for cash, 50.		10	10
	It is an investment or asset purchase. Its deprecciation is
	considered included in the Depreciation Expense.

14	An an investment is made in a debt security
	It does NOT qualify as a Cash Equivalent. IT will be recognized on the Balance Sheet in the		OUTFLOW
	Marektable Securities Account. It is purchased for Cash.		30	30

	All Marketable Securities are "Available for Sale"

Expert Solution


Sr. No.	Journal Entries	Amount	Amount
11	Repair & Maintenance	20
	Cash		20
	Income Statement	20
	Repair & Maintenance		20
12	Cash	60
	Accumulated Depreciation	40
	Factory		70
	Gain on sale on factory		30
	Gain on sale on factory	30
	Income Statement		30
13	Equipment	50
	Cash		50
	Depreciation	10
	Accumulated Depreciation		10
Note: Equipment for factory to be recorded as an assets

14	Debt Securities - Available for Sale	30
	Cash		30
Note: Debt Securities - Available for Sale is to be classified as current investment
under Current Assets.

ekkarill92 answered 1 year ago

Question 26 A paid dividend Question 26 options: Credits cash and debits dividends Credits cash and...

Question 26 A paid dividend Question 26 options: Credits cash and debits dividends Credits cash and dividends Debits cash and credits dividends Debits cash and dividends Question 27 Performance of a service results in Question 27 options: a credit to an asset and revenues a credit to an asset and a debit to revenues a debit to an asset and revenues a debit to an asset and a credit to revenues Question 28 Taking out a loan results in Question...

4–11. Jefferson County’s General Fund began the year 2017 with the following account balances: Debits Credits...

4–11. Jefferson County’s General Fund began the year 2017 with the following account balances: Debits Credits Cash $132,348 Taxes Receivable 47,220 Allowance for Uncollectible Taxes $ 1,570 Supplies 660 Deferred Inflows—Property Taxes 21,000 Wages Payable 900 Fund Balance 156,758 Totals $180,228 $180,228 During 2017, Jefferson experienced the following transactions: The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000. Encumbrances totaling $4,800 outstanding at December 31,...

The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $ 2

The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $ 25,000 $ - Accounts Receivable 6,000 - Supplies Inventory 4,500 - Prepaid Rent 18,000 - Equipment 90,000 - Accumulated Depreciation - 2,500 Accounts Payable - 6,000 Utilities Payable - 4,000 Unearned Revenue - 1,500 Interest Payable - 150 Notes Payable - 24,000 Common Stock - 100,000 Service Revenue - 90,000 Wages Expense 35,000 - Supplies Expense 20,000 - Rent Expense 15,000 - Miscellaneous Expense 2,000 -...

Unadjusted Trial Balance At December 31, 20XX Acc. # Account Name Debits Credits 100 Cash $ ...

Unadjusted Trial Balance At December 31, 20XX Acc. # Account Name Debits Credits 100 Cash $ 66,000 110 Accounts receivable 160,000 115 Allowance for doubtful accounts $ 7,000 120 Inventory 50,000 135 Prepaid insurance 27,000 136 Prepaid advertising - 150 Land 235,000 160 Building 240,000 165 Accumulated depreciation - building 54,000 170 Equipment 150,000 175 Accumulated depreciation - equipment 41,250 190 Notes receivable 155,000 195 Interest receivable - 200...

Jefferson County’s General Fund began the year 2017 with the following account balances: Debits Credits Cash...

Jefferson County’s General Fund began the year 2017 with the following account balances: Debits Credits Cash $132,348 Taxes Receivable 47,220 Allowance for Uncollectible Taxes $ 1,570 Supplies 660 Deferred Inflows—Property Taxes 21,000 Wages Payable 900 Fund Balance 156,758 Totals $180,228 $180,228 During 2017, Jefferson experienced the following transactions: The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000. Encumbrances totaling $4,800 outstanding at December 31, 2016,...

The trial balance of Swifty Ltd. at December 31, 2020, follows: Debits Credits Cash $235,000 Sales...

The trial balance of Swifty Ltd. at December 31, 2020, follows: Debits Credits Cash $235,000 Sales revenue $10,427,000 FV-NI investments (at fair value) 243,000 Cost of goods sold 6,300,000 Bond investment at amortized cost 479,000 FV—OCI investments (fair value $545,000) 478,000 Notes payable (due in six months) 114,000 Accounts payable 725,000 Selling expenses 2,460,000 Investment income or loss* 12,000 Land 320,000 Buildings 1,540,000 Dividends payable 46,000 Income tax payable 100,000 Accounts receivable 665,000 Accumulated depreciation—buildings 312,000 Allowance for doubtful accounts...

On December 1, 2017, Splish Brothers Inc. had the account balances shown below. Debits Credits Cash...

On December 1, 2017, Splish Brothers Inc. had the account balances shown below. Debits Credits Cash $5,200 Accumulated Depreciation—Equipment $1,390 Accounts Receivable 3,830 Accounts Payable 3,050 Inventory (3,100 x $0.60) 1,860 Common Stock 9,500 Equipment 21,700 Retained Earnings 18,650 $32,590 $32,590 The following transactions occurred during December. Dec. 3 Purchased 4,100 units of inventory on account at a cost of $0.67 per unit. 5 Sold 4,500 units of inventory on account for $0.90 per unit. (It sold 3,100 of the...

Accounts Debits Credits cash $41,150 Account Receivable 4,806 Allowance for Doubtful Accounts 58 Inventory 2,670...

Accounts Debits Credits cash $41,150 Account Receivable 4,806 Allowance for Doubtful Accounts 58 Inventory 2,670 Prepaid Insurance 2,200 Land 20,000 Accounts Payable 1,500 Interest Payable 90 Payroll Taxes Payable 113 Wages Payable 817 Mortgage Payable 18,000 Owners investment 50,000 Retained Earnings - Sales 11,680 Repair revenue 20 Cost of goods sold 3,504 Advertising 200 Bad debt expense 58 Bank charges 50 Insurance expense 200 Payroll taxes 603 Rent 2,240 Supplies 150 Wages 4,357 Interest...

Metro Rent – A Car Unadjusted Trial Balance Dec. 31, 2007 Account Name Debits Credits Cash...

Metro Rent – A Car Unadjusted Trial Balance Dec. 31, 2007 Account Name Debits Credits Cash in Bank 120,000 Shop Supplies Inventory 25,300 Prepaid Insurance 19,200 Mitsubishi Cars 1,500,000 Accumulated Depreciation 0 Accrued Commission Expense 0 Unearned Rental Income 25,000 M. Capital 1,507,000 Car Rental Income 160,000 Gasoline Expense 18,000 Insurance Expense 0 Repairs & Maintenance 9,500 Depreciation Expense 0 Shop Supplies Used 0 Commission Expense 0 Totals $1,692,000 $1,692,000 Car insurance covers the period from June 1, 2007 to...

On December 1, 2012, Bluemound Company had the following account balances. Debits Credits Cash $18,200 Accumulated...

On December 1, 2012, Bluemound Company had the following account balances. Debits Credits Cash $18,200 Accumulated Depreciation— Notes Receivable 2,200 Equipment $ 3,000 Accounts Receivable 7,500 Accounts Payable 6,100 Inventory 16,000 Owner’s Capital 64,400 Prepaid Insurance 1,600 $73,500 Equipment 28,000 $73,500 During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Klump Co. $12,000, terms 1/10, n/30. 17 Sold merchandise on account...

Question