Bailey's Department Store Journal Entries I.Dr. Cash $500 Cr. Refundable Deposit $500 II.Dr. Cash $798,000 Cr. Sales Revenue $760,000 Cr. Sales Tax Payable $38,000 III. Dr. Property Equipment$126,000 Cr. Cash $126,000 IV. Dr. Land Improvement $84,000 Cr. Improvement Obligation$84,000 V.Dr. Loss Contingency $250,000 Cr. Liability- Contingency $250,000 Required:Prepare only the liability portion of Bailey's Balance Sheet from the journal entries above.

The balance sheet is one of the important financial statements that businesses must prepare at the…

Answered: Prepare only the liability portion of…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1OYO

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Bailey's Department Store Journal Entries

I.	Dr. Cash			$500
		Cr. Refundable Deposit		$500


II.	Dr. Cash			$798,000
		Cr. Sales Revenue		$760,000
		Cr. Sales Tax Payable		$38,000

III.
	Dr. Property Equipment	$126,000
		Cr. Cash			$126,000

IV.
	Dr. Land Improvement		$84,000
		Cr. Improvement Obligation	$84,000

V.	Dr. Loss Contingency		$250,000
		Cr. Liability- Contingency		$250,000

Required:

Prepare only the liability portion of Bailey's Balance Sheet from the journal entries above.

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