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 2 years ago

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