Answer:
Dr land $278,000
Dr building $347,500
Dr equipment $556,000
Dr inventories $208,500
Cr cash $1,390,000
Explanation:
The total amount spent in acquiring the assets is $1,390,000 which needs to be shared between the assets acquired on the basis of individual values of the assets
Total of individual assets' values=$304000+$380000+ $608000+$228000=$ 1,520,000.00
Cost attributable to land:$304000/$1520000*$1,390,000=$ 278,000.00
Cost attributable to Building:$380000/$1520000*$1390000=$ 347,500.00
cost attributable to equipment=$608000/$1520000*$1390000=$556,000.00
cost attributable to inventories=$228000/$1520000*$1390000
=$208,500.00
Answer:
Option D is the answer.
Explanation:
All the given options describe the reasons for accepting a credit card from the customers.
<span>It depends on their agreement. It could be a general partnership or a limited partnership. One could be an investor and one runs the business day to day.</span>
Answer:
The journal entries are given;
Explanation:
a. Bad Debt Expense Dr.$17,300
Allowance for Doubtful Accounts Cr.$17,300
b. Allowance for Doubtful Accounts Dr.$7,100
Accounts Receivable Cr.$7,100
With Bad Debt Expense ,the retained earnings will be decreased by ($17,300)
with direct written off,the accounts receivables will be reduced by ($7,100) in balance sheet.
