1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
CaHeK987 [17]
3 years ago
15

On December 29, 2015, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accum

ulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $1,500 cash from the purchaser of the delivery van. Complete the necessary journal entry to record the sale by selecting the account names and dollar amounts from the drop-down menus.
Business
1 answer:
IRISSAK [1]3 years ago
6 0

Answer:

cash                                                 1,500 debit

accumulated depreciation- VAN 18,000 debit

loss at disposal                                  500 debit

                VAN                                                     20,000 credit

Explanation:

The journal entry must remove the van and their associate account from the company's books.

Therefore, will write-off van account and the accumulated depreciation.

Patel is receiving cash by the amount of 1,500 dollars. It will post the receipts as a debit to this account.

The difference will be considered gain/loss at disposal.

In this case, as the amount received 1,500

is lower than book value: 20,000 - 18,000 = 2,000

it will be a loss at disposal

You might be interested in
Corporate social responsibility: Group of answer choices
Misha Larkins [42]

Answer:

Letter e is correct.<em> Extends beyond ethics to include community, environment, and human rights</em>

Explanation:

Corporate social responsibility refers to the voluntary commitment that companies have to make a contribution to the development of the society in which it operates, in addition to reducing its environmental impacts and ensuring the preservation of human rights. This is when the company implements beneficial actions that exceed those required by law.

In a globalized world, there is legal pressure from consumers, institutions, NGOs and the media to make companies not only profitable but also voluntary contributors to building a more egalitarian society.

The benefits added to companies that practice corporate social responsibility are diverse, with emphasis on improving community value and improving stakeholder satisfaction and perception.

5 0
3 years ago
Andrew volunteered for the American Red Cross after a recent hurricane. He traveled 200 miles and helped the victims of the disa
Lyrx [107]

Answer: 1.

Mileage for the 200 miles he drove to the ravaged area

2.$1,500 charged to the credit card during the year

3.The cost of lodging while he is volunteering

Explanation:

3 0
3 years ago
Read 2 more answers
Select the items that describe what happens at the equilibrium price. Producers supply the exact goods that consumers buy. Consu
Mekhanik [1.2K]

The items that describes what happens at the equilibrium price are:


Producers supply the exact goods that consumers buy.

Consumers have enough goods, at the given price.

Producers used their resources efficiently.

Equilibrium pricing is when the items demanded match the items supplied. When this happens, the demand and good available equal each other, hence, equilibrium. The pricing is exactly where it should be for consumers to want and purchase the good or service.

6 0
3 years ago
Read 2 more answers
a business plan that provides information on a company, its products or services, its market, and critical risks to prospective
vladimir1956 [14]

A business plan that provides information on a company, its products or services, its market, and critical risks to prospective business or marketing partners or to prospective key employees is called an invention plan.

Invention Plan informs prospective business or marketing partners or key employees about the company, product/service, market, and critical risks.

This  business plan should briefly explain ones corporation, ones brand, the main aspects of ones market research, ones strategic plan, ones management, and ones financial plan.

Learn more on  business plan -

brainly.com/question/15826771

#SPJ4

4 0
1 year ago
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 5,500 units of Comfort Office Keyboard to one of its clients
madam [21]

Answer:

A. 2

B. May 1, 2021

Dr Cash $94,600

Cr Deferred revenue $89,870

Cr Deferred revenue-coupons $4,730

C. May 1, 2021

Dr Cash $94,600

Cr Deferred Revenue $94,600

Explanation:

A. Based on the information given the numbers of PERFORMANCE OBLIGATIONS that are in this contract is 2 which are:

KEYBOARD and CUSTOMER OPTION FOR FUTURE DISCOUNT

B. Preparation of the journal entry that Meta would record on May 1, 2021.

May 1, 2021

Dr Cash $94,600

Cr Deferred revenue $89,870

($94,600-$4,730)

Cr Deferred revenue-coupons $4,730

(5%*$94,600)

C. Preparation of the journal entry that Meta would record on May 1, 2021

May 1, 2021

Dr Cash $94,600

Cr Deferred Revenue $94,600

8 0
3 years ago
Other questions:
  • Elk Creek Company’s most popular product requires specialized labor. The employees are highly productive, but also highly paid.
    7·1 answer
  • What is the New York Stock Exchange? A. The world's largest exchange for trading stocks and other securities B. An indicator of
    13·2 answers
  • Suppose that country a has higher real income per capita than country
    8·1 answer
  • A real estate investment that is most similar to a mutual fund specializing in real estate investment is called a
    13·2 answers
  • In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to wh
    14·1 answer
  • The blank view in a presentation program displays your slides in full screen mode
    11·2 answers
  • A dentist shares an office building with a radio station. The electrical current from the dentist's drill causes static in the r
    12·1 answer
  • The cost method that will yield the highest taxable income during times of inflation is the a.weighted average inventory cost me
    8·1 answer
  • Bob lives in San Diego and runs a business that sells boats. In an average year, he receives $793,000 from selling boats. Of thi
    9·1 answer
  • Amy convenes a meeting to rethink the organizational structure to avoid being beat to the market by a competitor again. Based on
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!