er 7 Homeworkof 256:373-oknt7encesRequired informationExercise 7-17 (Algo) Record the sale of equipment (LO7-6)[The following information applies to the questions displayed below.]Greenscape Landscaping purchased a tractor at a cost of $32,000 and sold it three years later for $16,000. Greenscaperecorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors areincluded in the Equipment account.Exercise 7-17 (Algo) Part 22. Assume the tractor was sold for $10,000 instead of $16,000. Record the sale. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet<1Record the sale of tractor.Note: Enter debits before credits.Transaction1SavedGeneral Journal< PrevDebit4Creditof 7Next >Change bambHelp SaveC

Journal entries refers to the recording of financial transaction in the books of the company during…

Exercise 7-17 (Algo) Part 2 2. Assume the tractor was sold for $10,000 instead of $16,000. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

Exercise 7-17 (Algo) Part 2 2. Assume the tractor was sold for $10,000 instead of $16,000. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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hrd.3 answer must be in table format or i will give down vote
This question is complete so don't think that question is not complete.
How do I record the current transaction?
A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500
On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $790,000, retained earnings of $340,000, and a noncontrolling interest fair value of $420,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following: Inventory Dividends Purchases from Net Income Declared Corgan $190,000 210, 000 $240, 000 $44,000 54,000 2020 2021 220,000 Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2020 and 2021, 50 percent of the current year purchases remain in Smashing's inventory. a. Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021. b. Prepare the worksheet…
How do I record the current transaction?
es Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 50,000 $ 30,800 $ 43,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.00 per direct labor-hour was based on a cost formula that estimated $480,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $696,000. b. Raw materials used in production, $655,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $430,000, indirect labor, $150,000; selling and administrative salaries, $251,000. d. Incurred…
Please Introduction and explanation step by step solution without plagiarism i humble request .
please both questions answer fast please I humble request to and no plagiarism please
! Exercise 6-9 (Algo) Part 1 No Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 2 3 4 Required information Exercise 6-9 (Algo) Record transactions using a perpetual system (LO6-5) [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,700, terms 2/10, n/30. May 3 Pays cash for freight costs of $240 on books purchased from Readers. May 5 Returns books with a cost of $350 to Readers because part of the order is incorrect. 5 May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,400 on account. 6 Date May 02 May 03 May 05 May 10 May 30 May 30 Inventory Answer is complete but not entirely correct. General…
Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.