g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. Date Description Debit Credit Dec. 31 h. Vacation pay expense for December, $10,500. Date Description Debit Credit Dec. 31 i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Date Description Debit Credit Dec. 31 j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31

g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. Date Description Debit Credit Dec. 31 h. Vacation pay expense for December, $10,500. Date Description Debit Credit Dec. 31 i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Date Description Debit Credit Dec. 31 j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31

Name: g. The cost of mineral rights was $546,000. Of the estimated deposit
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Description: g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year.DateDescriptionDebitCreditDec. 31h. Vacation pay expense for December, $10,500.DateDescriptionDebitCreditDec

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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