Journal Entry : Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method. 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. Depletion of Natural Resources: Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources. To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

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Answer 1

Question

Chapter 10, Problem 18E

To determine

Journal Entry:

Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method.

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.

Depletion of Natural Resources:

Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources.

To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

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Answer 2

Question

Chapter 10, Problem 18E

To determine

Journal Entry:

Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method.

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.

Depletion of Natural Resources:

Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources.

To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

Expert Solution & Answer

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Answer 3

Question

Chapter 10, Problem 18E

To determine

Journal Entry:

Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method.

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.

Depletion of Natural Resources:

Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources.

To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

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Answer 4

Question

Chapter 10, Problem 18E

To determine

Journal Entry:

Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method.

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.

Depletion of Natural Resources:

Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources.

To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

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Answer 5

Chapter 10, Problem 18E

To determine

Journal Entry:

Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method.

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.

Depletion of Natural Resources:

Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources.

To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

Answer 6

Chapter 10, Problem 18E

To determine

Journal Entry:

Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method.

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.

Depletion of Natural Resources:

Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources.

To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

Answer 7

Chapter 10, Problem 18E

To determine

Journal Entry:

Journal entry is a way of recording the financial transaction of the company related to certain dates that shows chronological effect in the books of accounts. Journal entries are recorded on the basis of dual aspect accounting method.

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.

Depletion of Natural Resources:

Depletion of natural resources also considered as crucial part just as the depreciation on assets is. Depletion of natural resources is determined based on the units of the particular resources.

To prepare: Journal entry to record both the ore deposit depletion and the mining machinery depreciation for MM Company.

Answer 8

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Answer 9

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Answer 10

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Ch. 10 - Prob. 1DQ Ch. 10 - Prob. 2DQ Ch. 10 - Prob. 3DQ Ch. 10 - Prob. 4DQ Ch. 10 - Prob. 5DQ Ch. 10 - Prob. 6DQ Ch. 10 - Prob. 7DQ Ch. 10 - Prob. 8DQ Ch. 10 - Prob. 9DQ Ch. 10 - Prob. 10DQ

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