8.26 Enter the following transactions in the journal: (a) A machine valued on the books at $8500 was sold on credit to T. Hill for $8000. (b) K. Roberts, who is a debtor for $460, went bankrupt. He could only pay $0.20 in the dollar, which we accepted by cheque. The rest is to be written off as a bad debt. (c) Sold an office desk for $250 cash, its exact value on the books on credit to M. Small. (d) Furniture and fittings, whose book value is $4400, is depreciated by 15%. (e) Received a loan of $6000 from Republic Bank at 12% interest for 18 months.
8.26 Enter the following transactions in the journal: (a) A machine valued on the books at $8500 was sold on credit to T. Hill for $8000. (b) K. Roberts, who is a debtor for $460, went bankrupt. He could only pay $0.20 in the dollar, which we accepted by cheque. The rest is to be written off as a bad debt. (c) Sold an office desk for $250 cash, its exact value on the books on credit to M. Small. (d) Furniture and fittings, whose book value is $4400, is depreciated by 15%. (e) Received a loan of $6000 from Republic Bank at 12% interest for 18 months.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:om
int
25 Received interest $1020 on the
deposit account
nk
8.26 Enter the following transactions in the journal:
(a) A machine valued on the books at $8500
was sold on credit to T. Hill for $8000.
(b) K. Roberts, who is a debtor for $460, went
bankrupt. He could only pay $0.20 in the
dollar, which we accepted by cheque. The
rest is to be written off as a bad debt.
(c) Sold an office desk for $250 cash, its exact
value on the books on credit to M. Small.
(d) Furniture and fittings, whose book value is
mu$4400, is depreciated by 15%.
(e) Received a loan of $6000 from Republic
Bank at 12% interest for 18 months.
f
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education