Glant Co's motor vehicles at cost account at 30 June 20X6 is as follows: MOTOR VEHICLES - COST Disposal Balance c/d Bolance b/d 150,500 85,000 120,950 271,450 186,450 271,450 Additions What opening balance should be included in the following period's trial balance for motor vehicles - cost at 1 July 20X6? $271,450 DEBIT $271,450 DEBIT $186,450 CREDIT $186,450 DEBIT

Glant Co's motor vehicles at cost account at 30 June 20X6 is as follows: MOTOR VEHICLES - COST Disposal Balance c/d Bolance b/d 150,500 85,000 120,950 271,450 186,450 271,450 Additions What opening balance should be included in the following period's trial balance for motor vehicles - cost at 1 July 20X6? $271,450 DEBIT $271,450 DEBIT $186,450 CREDIT $186,450 DEBIT

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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During July 20X1, Kali Co. purchased and issued the following materials and supplies. Purchases Issues from Storeroom Materials $ 62,000 Direct materials $ 52,000 Manufacturing supplies 4,200 Manufacturing supplies 3,700 Required: Give the entry in general journal form to record the cost of the materials purchase
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