Prepare journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in thequestion being marked incorrect.)(a) Sunland Company retires its delivery equipment, which cost $52,980. Accumulated depreciation is also $52,980 on thisdelivery equipment. No salvage value is received.(b)Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,600 instead of$52,980.No. Account Titles and Explanation(a)Accumulated Depreciation-EquipmentEquipment(b)Accumulated Depreciation-EquipmentDebit5298037600Loss on Disposal of Plant Assets15380EquipmentCredit5298052980

Required A: Derecognition of the fully depreciated delivery equipment The original cost of $52,980…

Answered: Prepare journal entries to record these…

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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Nash's Trading Post, LLC uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jour entries in the order presented in the problem.) Do not give answer in image
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Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…
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When Sunland Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of $19,426 as at October 31. Sunland's general ledger showed a cash balance of $20,400 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1. 2. 3. 4. 5. 6. Bank service and credit card charges for the month were $7. A cheque, in the amount of $570, from one of Sunland's customers that had been deposited during the last week of October was returned with the bank statement as "NSF." Cheque #3421, which was a payment for utilities expenses, had been correctly written for $870 but had been incorrectly recorded in the general ledger as $780. Sunland had written and mailed out cheques with a value of $2,570 that had not yet cleared the bank account. During the month, the bank collected a $2,700 note receivable plus the outstanding interest of $243 on behalf of Sunland. The interest had already been accrued.…
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(c) Your answer is partially correct. Of the above accounts, $4,900 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable Debit 1 Credit
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