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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
(a) Describe the detail of the transaction being performed in the following screen.
(b) Give the

Transcribed Image Text:Journal
Display in GST (BAS) reports as: O Sale (Supply)
O Tax Incusive
O Purchase (Acquisition)
OYear-End Adjustment
General Journal No.: GJ000003
Date: 31/07/2018
Memo: Depreciation
Acct No.
Name
Debit
Credit
Job
Memo
Tax
6-1710
Depn-Warehouse Equip
$192.00
N-T
1-3120
Warehouse Equip - Accum Depn
$192.00
N-T
6-1720
Depn Truck
$2,500.00
N-T
1-3220
Truck - Accum Depn
$2,500.00
N-T
6-1730
Depn - Fum and Fox
$267.00
N-T
1-3320
F&F-accum depn
$267.00
N-T
6-1740
Depn - Warehouse
$333.00
N-T
1-3420
Warehouse-accum depn
$333.00
N-T
Total Debit:
$3,292.00
Total Credit:
$3,292.00
Тах
$0.00
Out of Balance:
$0.00
C Save as Recurring Use Recurring
Record
Cancel
Expert Solution
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- An optional step in the account cycle is the preparation of:arrow_forwardME7The process of initially recording a business transaction is called: a) Slidingb) Postingc) Journalizingd) Transposingarrow_forwardInstructions Adele Corp., a wholesaler of music equipment, issued $31,400,000 of 20-year, 5% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions Refer to the Chart of Accounts for exact wording of account fifles 20Y1 Mar. Sept. 20Y5 Sept. Chart of Accounts Journal 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds 1 1 Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) Xarrow_forward
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