All in format: Debit Credit Account a) On May 1, 2023, a company sold machinery in cash for S 900,000. The machinery was acquired on January 31, 2016 and cost 52,250,000. Depreciation is recorded using the straight line method, it has a useful life of 10 years and a salvage value of 5,219,600. Credit Debit Records the sale of the machinery. b) A sale of 510,000 in cash is made, with a trade discount of 20%. c) A document payable for a loan is signed on September 1, 2022 for 510,000 with a rate of 6% and maturing in eight months. a) Record the adjustment on December 31, 2022 d) Record the payment of the document on the expiration date
All in format: Debit Credit Account a) On May 1, 2023, a company sold machinery in cash for S 900,000. The machinery was acquired on January 31, 2016 and cost 52,250,000. Depreciation is recorded using the straight line method, it has a useful life of 10 years and a salvage value of 5,219,600. Credit Debit Records the sale of the machinery. b) A sale of 510,000 in cash is made, with a trade discount of 20%. c) A document payable for a loan is signed on September 1, 2022 for 510,000 with a rate of 6% and maturing in eight months. a) Record the adjustment on December 31, 2022 d) Record the payment of the document on the expiration date
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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All in format: Debit Credit Account a) On May 1, 2023, a company sold machinery in cash for S 900,000. The machinery was acquired on January 31, 2016 and cost 52,250,000. Depreciation is recorded using the straight line method , it has a useful life of 10 years and a salvage value of 5,219,600. Credit Debit Records the sale of the machinery. b) A sale of 510,000 in cash is made, with a trade discount of 20%. c) A document payable for a loan is signed on September 1, 2022 for 510,000 with a rate of 6% and maturing in eight months. a) Record the adjustment on December 31, 2022 d) Record the payment of the document on the expiration date
Need complete and correct answer for all parts or skip answer with all workings and steps in text form please show calculation, formula and explanation narrations clearly for all steps for all parts answer in text form give narrations also
Need complete and correct answer for all parts or skip answer with all workings and steps in text form please show calculation, formula and explanation narrations clearly for all steps for all parts answer in text form give narrations also
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