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. 1. To prepare: Journal entry to record depreciation in the books of V Company.

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Answer 1

Question

Chapter 10, Problem 25E

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.

1.

To prepare: Journal entry to record depreciation in the books of V Company.

To determine

To prepare: Journal entry to record additions in the books of V Company.

To determine

To prepare: Journal entry to record the disposal in the books of V Company.

To determine

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

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Answer 2

Question

Chapter 10, Problem 25E

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.

1.

To prepare: Journal entry to record depreciation in the books of V Company.

To determine

To prepare: Journal entry to record additions in the books of V Company.

To determine

To prepare: Journal entry to record the disposal in the books of V Company.

To determine

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

Expert Solution & Answer

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Answer 3

Question

Chapter 10, Problem 25E

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.

1.

To prepare: Journal entry to record depreciation in the books of V Company.

To determine

To prepare: Journal entry to record additions in the books of V Company.

To determine

To prepare: Journal entry to record the disposal in the books of V Company.

To determine

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

Expert Solution & Answer

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Answer 4

Question

Chapter 10, Problem 25E

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.

1.

To prepare: Journal entry to record depreciation in the books of V Company.

To determine

To prepare: Journal entry to record additions in the books of V Company.

To determine

To prepare: Journal entry to record the disposal in the books of V Company.

To determine

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

Expert Solution & Answer

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Answer 5

Chapter 10, Problem 25E

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.

1.

To prepare: Journal entry to record depreciation in the books of V Company.

To determine

To prepare: Journal entry to record additions in the books of V Company.

To determine

To prepare: Journal entry to record the disposal in the books of V Company.

To determine

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

Answer 6

Chapter 10, Problem 25E

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.

1.

To prepare: Journal entry to record depreciation in the books of V Company.

Answer 7

Chapter 10, Problem 25E

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.

1.

To prepare: Journal entry to record depreciation in the books of V Company.

Answer 8

To determine

To prepare: Journal entry to record additions in the books of V Company.

Answer 9

To determine

To prepare: Journal entry to record additions in the books of V Company.

Answer 10

To determine

To prepare: Journal entry to record the disposal in the books of V Company.

Answer 11

To determine

To prepare: Journal entry to record the disposal in the books of V Company.

Answer 12

To determine

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

Answer 13

To determine

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

Answer 14

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Answer 17

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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To prepare: Journal entry to record additions in the books of V Company.

To prepare: Journal entry to record the disposal in the books of V Company.

To explain: Whether the given impairments increase or decrease the property, plant and equipment.

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