Flounder Manufacturing has old equipment that cost $48,500. The equipment has accumulated depreciation of $28,100. Flounder has decided to sell the equipment. (List all debit entries before credit entries. 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 O for the amounts.) (a) What entry would Flounder make to record the sale of the equipment for $31,000 cash? What entry would Flounder make to record the sale of the equipment for $15,000 cash? (b) (a) (b) Account Titles and Explanation I Debit Credit

Flounder Manufacturing has old equipment that cost $48,500. The equipment has accumulated depreciation of $28,100. Flounder has decided to sell the equipment. (List all debit entries before credit entries. 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 O for the amounts.) (a) What entry would Flounder make to record the sale of the equipment for $31,000 cash? What entry would Flounder make to record the sale of the equipment for $15,000 cash? (b) (a) (b) Account Titles and Explanation I Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Adjusting and Correcting Entries Upon inspecting the books and records for Wernli Company for the year ended December 31, 2013, you find the following data: (a) A receivable of $640 from Hatch Realty is determined to be uncollectible. The company maintains an allowance for bad debts for such losses. (b) A creditor, E. F. Bowcutt Co., has just been awarded damages of $3,500 as a result of breach of contract by Wernli Company during the current year. Nothing appears on the books in connection with this matter. (c) A fire destroyed part of a branch office. Furniture and fixtures that cost $12,300 and had a book value of $8,200 at the time of the fire were completely destroyed. The insurance company has agreed to pay $7,000 under the provisions of the fire insurance policy. (d) Advances of $950 to salespersons have been previously recorded as sales salaries expense. (e) Machinery at the end of the year shows a balance of $19,960. It is discovered that additions to this account during the…
Please , if you do not know the answer then please skip normally so that who knows about this question can answer . Please do not reject this,
Also answer the Analysis please
None
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Want the Answer please without any fail
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
A. Amina Importers Sdn. Bhd. is involved with importation of canned products and general trading. The Statement of Financial Position prepared by the accounts clerk is as follows: Amina Importers Sdn. Bhd. Statement of Financial Position as at 31 December 2020 RM RM RM Cost Accumulated Net Book Depreciation Value Non-current assets Premises 500,000 (100,000) 400,000 Fixtures and fittings 300,000 (50,000) (50,000) 250,000 Motor vehicles 192,000 142,000 792,000 Current Assets Inventory 200,000 160,000 Accounts receivables Bank 130,000 490,000 1,282,000 Owner's Equity Сapital 800,000 Add: Net profit 123,000 Less: Drawings |(21,000) 902,000 Non-current Liabilities Loan from Progressive Bank Berhad 278,000 Current Liabilities Accounts payable Accrued expenses 82,000 20,000 102,000 1,282,000
Question: A customer who owes Berry Sales Company $2,000 is declared bankrupt by a federal court. What journal entry would be made to write off this account: A. Allowance for Uncollectable Accounts 2,000 Accounts Receivable/Customer Account 2,000 B. Accounts Receivable/Customer Account 2,000 Allowance for Uncollectable Accounts 2,000 C. Accounts Receivable 2,000 Notes Receivable 2,000 D. Cash 2,000 Accounts Receivable 2,000
please answer do not image.
Vishnu