Question
In: Accounting
Record the following transactions as journal entries. 1. Earned $5,000 of services on account. 2. Completed...
Record the following transactions as journal entries.
1. Earned $5,000 of services on account.
2. Completed an impairment test, determined there to be an impairment loss on their equipment. Cost of equipment was $785,000, carry value was $328,510 and fair value is $138,000.
Solutions
Expert Solution
| 1. Earned 5,000 service on account | ||
| Account receivable Dr. | 5000 | |
| To Service Revenue | 5000 | |
| (Being service revenue raised on account) | ||
| 2. Impairment loss recognised | ||
| Carrying value | 328,510 | |
| Fair value | 138,000 | |
| Impairment loss | 190,510 | |
| Impairment loss Dr | 190,510 | |
| To Equipment | 190,510 | |
| (Being Impairment loss accounted) | ||
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