secs 10 / 20 (50%) # Correct: 5 Grade Details - All Questions 1. Question : Carlton Company sold equipment for $3‚700 that originally cost $22‚000. The balance of the Accumulated Depreciation account related to this equipment was $19‚000. The entry to record the disposal of this equipment would include a debit to Loss on Sale of Equipment of $700. credit to Gain on Sale of Equipment of $700. credit to Equipment of $3‚000. debit to Gain on Sale of Equipment of $700. 0 of 2 Student Answer:
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transferring the journal entries to the ledger accounts. The fourth step of the accounting cycle is preparing an unadjusted trial balance. A company will normally prepare a trial balance at the end of the accounting period. This trial balance list all of the accounts in the order in which they appear on the ledger‚ the debt balances are listed in the left column and the credit balances are listed in the right column. The fifth step of the accounting cycle is adjusting entries. By conducting adjusting
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Syllabus Business Studies: Recommended Book: Business Studies by Karen Borrington Peter Stimpson Session: 2011 to 2012 Class: 8A 1st Term April-June‚ 2011 | April-2012 | Unit 1 | The purpose of business activity | | Unit 2 | Types of business activity | May-2012 | Unit 3 | Forms of business organization | September-2012 | Unit 4 | Government and economic influence on business | October/November‚ 2012 | 1st Term Exams | | November-2012 | Ch.5 | Other external influences on business
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$680‚000 x 9% = $61‚200 61‚200 dr 61‚200 cr Actual return 52‚280 cr 52‚280 dr Unexpected gain/ loss Amortization of PSC 17‚000 dr. 17‚000 cr Contributions 65‚000 cr 65‚000 dr Benefits 40‚000 dr 40‚000 cr Journal entry for 2012 83‚920 dr 65‚000 cr 103‚000 dr 121‚920 cr Accumulated OCI‚ Jan. 1‚ 2012 -0- Balance‚ Dec. 31‚ 2012 103‚000 dr 135‚720 cr 759‚200 cr 623‚480 dr E20-7 Continued Pension Expense 83‚920 OCI (PSC) 103‚000 Cash
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account of $48‚000. At October 31‚ 2014‚ the accounts payable balance is a. $25‚000. b. $41‚000. c. $55‚000. d. $121‚000. ACCT220 Fun Quiz Two: Chapter Two Continued: Page 2 of 3 6. __C___ The final step in the recording process is to transfer the journal information to the a. trial balance. b. financial statements. c. ledger. d. file cabinets. 7. __C___ Camper Van Company purchased equipment for $2‚600 cash. As a result of this event‚ a. owner’s equity decreased by $2‚600. b. total assets increased
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to gain full marks. . Good luck in assessment task ahead. Part A: Case Question 20 marks Brushstroke Art Studio Company provides quality instruction to aspiring artists. The Business adjusts its accounts monthly‚ but performs closing entries annually on December 31. Given below is the studio’s unadjusted trial balance dated December 31‚ 2011. Brushstroke Art Studio Company | Unadjusted
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Completed Exercise 4.1 TABLE 4.9 Journal of the Portland After School Program July 1‚ 20XX–December 31‚ 20XX (a) July 1‚ 20XX— Received unrestricted donation check in the amount of $15‚000 from the Multnomah County Department of Health and Human Services. Debited Cash $15‚000 Credited Revenue $15‚000 (b) July 19‚ 20XX—Paid Great Northwest Insurance Company $9‚000 for six more months of fire and liability insurance coverage. Debited prepaid insurance $9‚000 Credited
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($100)‚ primer ($50)‚ and clear coat ($50) totaling $475 for new products. Example of journal entry for balance sheet Equation: 475 of new assets= 475 the cost of product + 0 equality Date Description Debit Credit Feb 12 Supplies 475 Cash 475 The body shop is able to now complete 5 vehicles paint jobs for $250‚ $225‚ $200‚ $230‚ and $240 totaling $1‚145. Example of journal entry for income statement New equation: 1‚145 (amount paid to shop) = 475 (supplies) +
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........ 10 Adding a New Expense Entry ......................................................................................................... 10 Updating/Deleting an Expense Entry ............................................................................................ 12 Pie/Bar Chart of Expenses ............................................................................................................. 12 Automatic generation of Recurring Expense Entries ................................
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Fargo Bank by signing a 60-day‚ 6% interest-bearing note with a face value of $36‚000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2013 __?__ Paid the amount due on the note to Fargo Bank at the maturity date. 1. award: 8.00 points Problems? Adjust credit for all students. 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2012. (Do not round your intermediate calculations. Use 360 days a year.) Year end accrual required
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