The accounts below appear in the ledger of Bramble Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $41,900 Aug. 15 Dividends (cash) $15,100 26,800 Dec. 31 Net Income for 2020 $40,300 67,100 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $141,000 Aug. 3 Purchase of Equipment $62,500 203,500 Sept. 10 Cost of Equipment Constructed 48,500 252,000 Nov. 15 Equipment Sold $55,800 196,200 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $83,200 Apr. 8 Major Repairs $21,200 62,000 Nov. 15 Accum. Depreciation on Equipment Sold 25,200 36,800 Dec. 31 Depreciation for 2020 $17,000 53,800 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 $5,800
The accounts below appear in the ledger of Bramble Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $41,900 Aug. 15 Dividends (cash) $15,100 26,800 Dec. 31 Net Income for 2020 $40,300 67,100 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $141,000 Aug. 3 Purchase of Equipment $62,500 203,500 Sept. 10 Cost of Equipment Constructed 48,500 252,000 Nov. 15 Equipment Sold $55,800 196,200 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $83,200 Apr. 8 Major Repairs $21,200 62,000 Nov. 15 Accum. Depreciation on Equipment Sold 25,200 36,800 Dec. 31 Depreciation for 2020 $17,000 53,800 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 $5,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The accounts below appear in the ledger of Bramble Company.
|
|
Dr.
|
Cr.
|
Bal.
|
|||||
| Jan. 1, 2020 | Credit Balance | $41,900 | ||||||
| Aug. 15 | Dividends (cash) | $15,100 | 26,800 | |||||
| Dec. 31 | Net Income for 2020 | $40,300 | 67,100 | |||||
|
Equipment
|
Dr.
|
Cr.
|
Bal.
|
|||||
| Jan. 1, 2020 | Debit Balance | $141,000 | ||||||
| Aug. 3 | Purchase of Equipment | $62,500 | 203,500 | |||||
| Sept. 10 | Cost of Equipment Constructed | 48,500 | 252,000 | |||||
| Nov. 15 | Equipment Sold | $55,800 | 196,200 | |||||
|
|
Dr.
|
Cr.
|
Bal.
|
|||||
| Jan. 1, 2020 | Credit Balance | $83,200 | ||||||
| Apr. 8 | Major Repairs | $21,200 | 62,000 | |||||
| Nov. 15 | Accum. Depreciation on Equipment Sold | 25,200 | 36,800 | |||||
| Dec. 31 | Depreciation for 2020 | $17,000 | 53,800 |
Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of
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