Prepare journal entries for the following transactions: a. A machine that cost $10,000 with a residual...

Prepare journal entries for the following transactions: a. A machine that cost $10,000 with a residual value of $2,000 is fully depreciated and discarded. b. A machine purchased on January 1, 2020 for $20,000, with a useful life of 4 years, and a residual value of $4,000, is sold on April 1, 2020 for $8,000. Use the straight-line method. c. A machine that cost $15,000, has accumulated depreciation of $12,000 is sold for $5,000.

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ekkarill92 answered 2 years ago

Prepare journal entries for the transactions

Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $10,400, terms 3/10, n/30. March 3 Dodson Company returned merchandise worth $200 to Molina. March 9 Molina collected the amount due from Dodson Company from the March 1 sale. March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used...

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General...

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Prepare journal entries in general journal format to record the following transactions for the City of...

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prepare journal entries for the following transactions Transactions for Eagle View for the Month of December...

prepare journal entries for the following transactions Transactions for Eagle View for the Month of December 2018 Purchases Eagle View receives the utility bill for the month. The total amount due is $500, payable net 20. Eagle View also purchases 50 units of inventory at $500 each and 50 more toolkits at $4 each. Payroll Eagle View pays its employees for the fifth two weeks of business (November 26 through December 9). The gross pay is $2,200, the employee taxes...

Prepare journal entries for the following transactions: The following selected transactions relate to liabilities of Chicago...

Prepare journal entries for the following transactions: The following selected transactions relate to liabilities of Chicago Glass Corporation for 2018. Chicago's fiscal year ends on December 31. 1. On January 15, Chicago received $7,000 from Henry Construction toward the purchase of $66,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $6,700 of refundable deposits relating to containers used to transport glass components, 3. On February 6, Chicago delivered the plate glass to Henry...

Prepare journal entries in general journal format to record the following transactions for the 2020 fiscal...

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Prepare journal entries to record the following transactions entered into by Glaser Company:

Prepare journal entries to record the following transactions entered into by Glaser Company: 2010 June 1 Received a $30,000, 12%, 1-year note from Ann Duff as full payment on her account. Nov. 1 Sold merchandise on account to Malone, Inc. for $13,000, terms 2/10, n/30. Nov. 5 Malone, Inc. returned merchandise worth $500. Nov. 9 Received payment in full from Malone, Inc. Dec. 31 Accrued interest on Duff's note. 2011 June 1 Ann Duff honored her promissory note by sending...

Prepare the journal entries to record the following transactions for Kilts & More, a company that...

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