Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Accounting rules for journal entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. Natural Resources: Natural resources are the resources which are extracted from nature. They exist naturally and cannot be produced or manufactured through machines by a human being. Depletion: Depletion refers to the amount of depreciation expense charged on a natural resource. Depletion results in the decreased value of a natural resource. To Prepare: journal entry for depletion.

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Chapter 10, Problem 10.11E

(a)

To determine

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Natural Resources: Natural resources are the resources which are extracted from nature. They exist naturally and cannot be produced or manufactured through machines by a human being.

Depletion: Depletion refers to the amount of depreciation expense charged on a natural resource. Depletion results in the decreased value of a natural resource.

To Prepare: journal entry for depletion.

(b)

To determine

To Prepare: the cost of unsold 20,000 units.

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