Answer:
Option 1 is correct because Income is the amount that we receive from our customers when we sell them our product. In this case, the amount should be received was $1000, which the Kelly can use to buy the product she has exchanged its product with the item.
The entry will be contra entry:
Dr Purchases $1000
CR Income $1000
Answer:
The impairment loss of $161m is jounalized below:
Account Debit Credit
$m $
m
Loss on impairment 161.00
Goodwill 161.00
Being impairment recorded
The impairment test on Marin division of Santana that gave rise to impairment loss of $161 m found in the attached spreadsheet
Explanation:
Please note excel formula used in each cell.
I believe that it is true, here's an example of such a chart.
Answer:
Answer:
Date General Journal Debit Credit
a. Cash $70,000
Common stock $5,000
(5*100 shares * $10)
Additional paid - in - capital $65,000
b. No journal entry required - -
c. Cash $18,000
Notes payable (long term) $18,000
d. Equipment $11,000
Cash $1,500
Notes payable (Short term) $9,500
e. Notes receivable $2,000
Cash $2,000
f. Store fixtures $15,000
Cash $15,000
