Presented below are selected transactions for Mohamad Company for 2008. Jan. 1 Received $3,000 scrap value on retirement of machinery that was purchased on January 1, 1998. The machine cost $80,000 on that date, and had an estimated useful life of 10 years with no residual value. April 30 Sold a printing machine for $50,000 that was purchased on January 1, 2005. The printer cost $90,000, and had an estimated useful life of 5 years with no residual value. Dec. 31 Discarded a business automobile that was purchased on September 1, 2003. The car cost $20,000 and was amortized on an 8-year useful life with a residual value of $800. Instructions Journalize all entries required as a result of the above transactions. Mohamad Company uses the straight-line method of amortization and has recorded amortization to December 31, 2007. GENERAL JOURNAL DATE PARTICULARS PR DEBIT CREDIT

Presented below are selected transactions for Mohamad Company for 2008. Jan. 1 Received $3,000 scrap value on retirement of machinery that was purchased on January 1, 1998. The machine cost $80,000 on that date, and had an estimated useful life of 10 years with no residual value. April 30 Sold a printing machine for $50,000 that was purchased on January 1, 2005. The printer cost $90,000, and had an estimated useful life of 5 years with no residual value. Dec. 31 Discarded a business automobile that was purchased on September 1, 2003. The car cost $20,000 and was amortized on an 8-year useful life with a residual value of $800. Instructions Journalize all entries required as a result of the above transactions. Mohamad Company uses the straight-line method of amortization and has recorded amortization to December 31, 2007. GENERAL JOURNAL DATE PARTICULARS PR DEBIT CREDIT

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
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