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General journal for coffee machine

General journal for coffee machine

FINANCIAL ACCOUNTING
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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General journal for coffee machine
Perfect Cover Insurance Brokers INCOME STATEMENT FOR THE YEAR ENDED JUNE 30 33,700 14,650 Net Sales 19,050 COGS Other Revenue: 20,800 Commissions Expenses: Operating Expenses Miscellaneous Expenses 17,760 1,220 3,073 11,893 Doubtful Debts Expense Depreciation Expenses 900 Interest Expense Loss on Coffee Machine 950 35,796 Profit / Loss 4,054 On the last day of the period Rita's office equipment (coffee machine) exploded and had to be scrapped. Rita replaced the old machine which had a cost of $980 with a new one which was paid for in cash. At the time of disposal, the old coffee machine had accumulated depreciation of $30.
Transcribed Image Text:Perfect Cover Insurance Brokers INCOME STATEMENT FOR THE YEAR ENDED JUNE 30 33,700 14,650 Net Sales 19,050 COGS Other Revenue: 20,800 Commissions Expenses: Operating Expenses Miscellaneous Expenses 17,760 1,220 3,073 11,893 Doubtful Debts Expense Depreciation Expenses 900 Interest Expense Loss on Coffee Machine 950 35,796 Profit / Loss 4,054 On the last day of the period Rita's office equipment (coffee machine) exploded and had to be scrapped. Rita replaced the old machine which had a cost of $980 with a new one which was paid for in cash. At the time of disposal, the old coffee machine had accumulated depreciation of $30.
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