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Mashutka [201]
3 years ago
7

Saskatchewan Forestry Company purchased a timber tract for $600,000 and estimates that it will be depleted evenly over its 10-ye

ar useful life with no residual value. Prepare the journal entry that would be recorded if 10 percent of the total timber is cut and placed into inventory during the current year.
Business
1 answer:
djverab [1.8K]3 years ago
3 0

Answer and Explanation:

The journal entry is given below:

Inventory (10% of $600,000) $60,000

         To Accumulated Depletion $60,000

(Being the 10% of the total timber cutted be recorded)

Here the inventory is debited as it increased the assets and credited the accumulated depletion as it decreased the assets

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Workplace policies have a direct relationship with workplace procedures. A process is a set of instructions outlining how to carry out a policy. Employees are given a thorough awareness of the company's norms and ideals through the use of both policies and procedures.

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Marvin Corporation has the following information reported on the balance sheet as of December 31, 2017 Common Stock, $10 par val
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Then in the Treasury Stock account are registered the shares that the company repurchases from the market, these are, 6,000 shares.

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