Q: On October 6, 2020, Western Farms Co. traded in
On October 6, 2020, Western Farms Co. traded in an old tractor for a new one, receiving a $68,000 trade-in allowance and paying the remaining $170,000 in cash. The old tractor cost $202,000, and strai...
See AnswerQ: On November 3, 2020, Gamez 2 Go Media exchanged an
On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $190,000. The original cost of the old computer was $150,000 and related accumulated depreci...
See AnswerQ: On January 2, 2020, Direct Shoes Inc. disposed of
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $96,000 and had been depreciated $50,450. Present the journal entries to record the disposal under each of the following unrelated...
See AnswerQ: Jazzy Antiques purchased the copyright on a watercolour painting for $177
Jazzy Antiques purchased the copyright on a watercolour painting for $177,480 on January 1, 2020. The copyright legally protects its owner for 19 more years. However, Jazzy plans to market and sell pr...
See AnswerQ: On September 5, 2020, Nelson Lumber purchased timber rights in
On September 5, 2020, Nelson Lumber purchased timber rights in Northern Quebec for $432,000, paying $96,000 cash and the balance by issuing a non-current note. Logging the area is expected to take thr...
See AnswerQ: Huang Resources showed the following alphabetized adjusted trial balance at October 31
Huang Resources showed the following alphabetized adjusted trial balance at October 31, 2020: Other information: a. All accounts have normal balances. b. $38,000 of the note payable is due after Octob...
See AnswerQ: Montalvo Bionics showed the following alphabetized unadjusted trial balance at April 30
Montalvo Bionics showed the following alphabetized unadjusted trial balance at April 30, 2020: Other information: a. All accounts have normal balances. b. The furniture was depreciated using the strai...
See AnswerQ: Jessica Grewal decided to open a food truck business, the Samosa
Jessica Grewal decided to open a food truck business, the Samosa Shack. She encountered the following transactions in managing her equipment over the first 2 years of her business. Record all the entr...
See AnswerQ: Nova Scotia Telecom Company had a truck that was purchased on July
Nova Scotia Telecom Company had a truck that was purchased on July 7, 2018, for $36,000. The PPE subledger shows the following information regarding the truck: A customized tool carrier was constructe...
See AnswerQ: On July 1, 2019, Alleya Amrick and Breanne Balas formed
On July 1, 2019, Alleya Amrick and Breanne Balas formed a partnership to make crafts and sell them online. Net Income during the year was $410,000 and was in the Income Summary account. On July 1, 202...
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