Equipment on site costing P22 000 was sold at P25 000, what is the correct entry...
Equipment on site costing P22 000 was sold at P25 000, what is the correct entry in the contract account? a Debit P22 000 b Credit P22 000 c Debit 25 000 d Credit P25 000
Homework Answers
Answer is D
Since it is realization from the contract, all realizations are credited to contract account and all amount expended is debited to account.
Entry would be
Cash 25000
To Contract Account 25000
Add Answer to:
Equipment on site costing P22 000 was sold at P25 000, what is
the correct entry...
5. Merchandise with a list price of $3,800 and costing $2.,000 is sold on account, subject...
5. Merchandise with a list price of $3,800 and costing $2.,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the...
6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the time of the sale was $125, 000. Compute the Gain or Loss on the sale and journalize the appropriate entry Credit Debit
correct answer 18) In a process costing system, the entry to record the use of direct...
correct answer
18) In a process costing system, the entry to record the use of direct materials in production would include which of the following? A) debit to work in process inventory B) credit to finished goods inventory C) debit to materials inventory D) debit to finished goods inventory 18) 19) 19) The entry to record actual manufacturing overhead incurred in a processing department would department would include which of the following? A) credit to work in process inventory B)...
Correct the errors by reversing the incorrect entry and preparing the correct entry. Question 2 View...
Correct the errors by reversing the incorrect entry
and preparing the correct entry.
Question 2 View Policies Current Attempt in Progress Wildhorse Company discovered the following errors made in January 2020. 1. Apayment of Salaries and Wages Expense of $300 was debited to Equipment and credited to Cash, both for $300. 2. A collection of $5,400 from a client on account was debited to Cash $540 and credited to Service Revenue $540. 3. The purchase of equipment on account for...
Deprecation on the company's equipment for the year of 2017 is $4000. What is the correct...
Deprecation on the company's equipment for the year of 2017 is $4000. What is the correct adjusting entry to record the yearly depreciation expense? a) Debit Accumulated Depreciation - equipment $4000 and credit Depreciation Expense $4000 b) Debit Depreciation Expense $4000 and credit Accumulated Depreciation - equipment $4000 c) Debit Accumulated Depreciation - equipment $48000 and credit Depreciation Expense $48000 d) Debit Depreciation Expense $48000 and credit Accumulated Depreciation -equipment $48000
Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The...
Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The journal entry will involve a debit to accumulated depreciation for $2,200. debit to depreciation expense for $17,800. credit to accumulated depreciation for $17,800. credit to depreciation expense for $17,800. debit to accumulated depreciation for $17,800.
Sage Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. H
Sage Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Sage’s products. Pricing and cost information on three of Sage’s most popular products are as follows.ItemStandaloneSelling Price (Cost)Mini-trencher$ 3,900($2,000)Power fence hole auger1,300(900)Grain/hay dryer12,900(11,000)Respond to the requirements related to the following independent...
At the end of an accounting period wages expense of $190 000 is closed to the...
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was spent on a major overhaul in 2022 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $40,000. Prepare the appropriate journal entry to record the disposition of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
ABC company sold 8,000 gift card in the current month. Which one should be the correct journal entry? Select one or...
ABC company sold 8,000 gift card in the current month. Which one should be the correct journal entry? Select one or more a. Debit Cash, Credit Unearned Revenue 3. b. Debit Unearned Revenue, Credit Cash c. Debit Revenue, Credit Cash d. Debit Cash, Credit Revenue
5. Merchandise with a list price of $3,800 and costing $2.,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the time of the sale was $125, 000. Compute the Gain or Loss on the sale and journalize the appropriate entry Credit Debit
correct answer
18) In a process costing system, the entry to record the use of direct materials in production would include which of the following? A) debit to work in process inventory B) credit to finished goods inventory C) debit to materials inventory D) debit to finished goods inventory 18) 19) 19) The entry to record actual manufacturing overhead incurred in a processing department would department would include which of the following? A) credit to work in process inventory B)...
Correct the errors by reversing the incorrect entry
and preparing the correct entry.
Question 2 View Policies Current Attempt in Progress Wildhorse Company discovered the following errors made in January 2020. 1. Apayment of Salaries and Wages Expense of $300 was debited to Equipment and credited to Cash, both for $300. 2. A collection of $5,400 from a client on account was debited to Cash $540 and credited to Service Revenue $540. 3. The purchase of equipment on account for...
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was spent on a major overhaul in 2022 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $40,000. Prepare the appropriate journal entry to record the disposition of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
ABC company sold 8,000 gift card in the current month. Which one should be the correct journal entry? Select one or more a. Debit Cash, Credit Unearned Revenue 3. b. Debit Unearned Revenue, Credit Cash c. Debit Revenue, Credit Cash d. Debit Cash, Credit Revenue
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago