he accounts below appear in the ledger of Headland Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $41,800 Aug. 15 Dividends (cash) $14,800 27,000 Dec. 31 Net Income for 2020 $40,400 67,400 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $141,300 Aug. 3 Purchase of Equipment $61,900 203,200 Sept. 10 Cost of Equipment Constructed 47,500 250,700 Nov. 15 Equipment Sold $55,800 194,900 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $83,400 Apr. 8 Major Repairs $21,200 62,200 Nov. 15 Accum. Depreciation on Equipment Sold 25,100 37,100 Dec. 31 Depreciation for 2020 $16,600 53,700 Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cash flows. The loss on sale of equipment (November 15) was $5,900.
he accounts below appear in the ledger of Headland Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $41,800 Aug. 15 Dividends (cash) $14,800 27,000 Dec. 31 Net Income for 2020 $40,400 67,400 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $141,300 Aug. 3 Purchase of Equipment $61,900 203,200 Sept. 10 Cost of Equipment Constructed 47,500 250,700 Nov. 15 Equipment Sold $55,800 194,900 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $83,400 Apr. 8 Major Repairs $21,200 62,200 Nov. 15 Accum. Depreciation on Equipment Sold 25,100 37,100 Dec. 31 Depreciation for 2020 $16,600 53,700 Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cash flows. The loss on sale of equipment (November 15) was $5,900.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
he accounts below appear in the ledger of Headland Company.
|
|
Dr.
|
Cr.
|
Bal.
|
|||||
| Jan. 1, 2020 | Credit Balance | $41,800 | ||||||
| Aug. 15 | Dividends (cash) | $14,800 | 27,000 | |||||
| Dec. 31 | Net Income for 2020 | $40,400 | 67,400 | |||||
|
Equipment
|
Dr.
|
Cr.
|
Bal.
|
|||||
| Jan. 1, 2020 | Debit Balance | $141,300 | ||||||
| Aug. 3 | Purchase of Equipment | $61,900 | 203,200 | |||||
| Sept. 10 | Cost of Equipment Constructed | 47,500 | 250,700 | |||||
| Nov. 15 | Equipment Sold | $55,800 | 194,900 | |||||
|
|
Dr.
|
Cr.
|
Bal.
|
|||||
| Jan. 1, 2020 | Credit Balance | $83,400 | ||||||
| Apr. 8 | Major Repairs | $21,200 | 62,200 | |||||
| Nov. 15 | Accum. Depreciation on Equipment Sold | 25,100 | 37,100 | |||||
| Dec. 31 | Depreciation for 2020 | $16,600 | 53,700 |
Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of
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