Last year, Mountain Top, Incorporated, purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year. Complete the necessary adjusting journal entry to record depletion expense for the current year by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit
Last year, Mountain Top, Incorporated, purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year. Complete the necessary adjusting journal entry to record depletion expense for the current year by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Last year, Mountain Top, Incorporated, purchased a coal mine at a cost of $900,000. The salvage value has been estimated at
$100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the
current year.
Complete the necessary adjusting journal entry to record depletion expense for the current year by selecting the account names from
the drop-down menus and entering the dollar amounts in the debit or credit columns.
View transaction list
Journal entry worksheet
1
Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000.
The salvage value has been estimated at $100,000. The coal mine has an
estimated 200,000 tons of available coal. A total of 70,000 tons were mined
and sold during the current year.
Note: Enter debits before credits.
Date
Dec. 31
General Journal
Debit
Credit
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9de62490-29a1-4126-ad53-0c4c5fc3af72%2Fdcfbb62d-0b0a-41bd-a9c8-fe7888f19865%2Fkqo1s3a_processed.png&w=3840&q=75)
Transcribed Image Text:Last year, Mountain Top, Incorporated, purchased a coal mine at a cost of $900,000. The salvage value has been estimated at
$100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the
current year.
Complete the necessary adjusting journal entry to record depletion expense for the current year by selecting the account names from
the drop-down menus and entering the dollar amounts in the debit or credit columns.
View transaction list
Journal entry worksheet
1
Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000.
The salvage value has been estimated at $100,000. The coal mine has an
estimated 200,000 tons of available coal. A total of 70,000 tons were mined
and sold during the current year.
Note: Enter debits before credits.
Date
Dec. 31
General Journal
Debit
Credit
>
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