ADVANCED ACCOUNT CONNECT +PROCTORIO
ADVANCED ACCOUNT CONNECT +PROCTORIO
14th Edition
ISBN: 9781266179082
Author: Hoyle
Publisher: MCG
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Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

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Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $4550 Equipment $5670 Cash 2595 Prepaid insurance 1295 Unearned service rev. 4570 Depreciation expense 550 Salaries and wages expense 1120 Accum. depreciation 1350 Common stock 300 Retained earnings 460 A. $11230  B. $9560 c. $10660 D. $9880
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