No Required Information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.] Problem 7-8A (Algo) Part 4 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journa Entry Required" in the first account field.) 1 New Morning Bakery is in the process of closing its operations. It sold Its two-year-old bakery ovens to Great Harvest Bakery for $680,000. The ovens originally cost $888,000, had an estimated service life of 10 years, had an estimated residual value of $58,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Transaction 1 Cash Loss Equipment Answer is not complete. General Journal Debit 680,000 42,000 Credit 88,800

No Required Information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.] Problem 7-8A (Algo) Part 4 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journa Entry Required" in the first account field.) 1 New Morning Bakery is in the process of closing its operations. It sold Its two-year-old bakery ovens to Great Harvest Bakery for $680,000. The ovens originally cost $888,000, had an estimated service life of 10 years, had an estimated residual value of $58,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Transaction 1 Cash Loss Equipment Answer is not complete. General Journal Debit 680,000 42,000 Credit 88,800

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section: Chapter Questions

Problem 1CP

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Brief Exercise 9-07 Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Pharoah Company retires its delivery equipment, which cost $43,640. Accumulated depreciation is also $43,640 on this delivery equipment. No salvage value is received. (a) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,050 instead of 43,640. (b) No. Account Titles and Explanation Debit Credit (a) (b)
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EA1. On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions.A. the initial saleB. the subsequent customer payment on March 10
Problem 1-17 (AICPA Adapted) Regal Company sells gift certificates, redeemable for store merchandise. The gift certificates have no expiration date. The entity has the following information pertaining to the gift certificate sales and redemptions: - Unearned revenue on January 1, 2020 2020 sales 2020 redemptions of prior year sales 2020 redemptions of current year sales 750,000 -2,500,000 250,000 1,750,000 What amount should be reported as unearned revenue on December 31, 2020? 1,250,000 b. а. 1,125,000 1,000,000 d. с. 500,000
Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts A review of open invoices of Sketchers Inc. results in the following report. Invoice Amount Date(Each from this year) #496 $458.48 5-Dec #495 685.77 2-Dec #427 274.16 5-Nov #100 109.06 28-Jun #300 741.43 3-Oct #410 670.26 31-Oct #204 62.69 25-Aug #498 760.84 28-Dec #499 276.15 28-Dec #487 747.28 28-Nov #310 207.65 8-Oct #178 643.21 7-Aug #497 335.03 5-Dec #488 142.90 29-Nov #105 18.73 5-Jul $6,133.64 Required a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 30 days, (2) 31-60 days, (3) 60-90 days, and (4) greater than 90 days. b. Assume that the company estimates the allowance for doubtful accounts based upon the following percentages applied to the appropriate aging categories: (1) 1% for less than 30 days, (2) 5% for 31-60 days, (3) 30% for 60-90 days, and (4) 60% for greater…
Galaxy S21+ 5G Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Jan. 1 balance Charge sales Shareholders' subscriptions Deposit on contract Claims against common carrier for damages IOUS from employees Cash advance to affiliates Advances to a supplier Accounts Receivable 600,000 Collections from customers 5,300,000 6,000,000 Writeoff 35,000 Merchandise returns 200,000 Allowances to customer 120,000 40,000 for shipping damages Collections on carrier claims 100,000 Collection on subscriptions 10,000 100,000 50,000 25,000 40,000 50,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items. Problem 4-3 (ACP) Problem 4-4 (ACP) credit to accounts receivable.…
Hide or show questions Progress:11/15 items Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000 Required: a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. Bad Debt Expense Bad Debt Expense Accounts Receivable-J. Jackson Accounts Receivable-J. Jackson Accounts Receivable-L. Stanton Accounts Receivable-L. Stanton Accounts Receivable-C. Barton Accounts Receivable-C. Barton Accounts Receivable-S. Fenton Accounts Receivable-S. Fenton b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made…