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Mod4_Exercises

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solution


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Financial Accounting and the Entrepreneur;Problem 1;Plumb Associates surveys American eathing habits. The company's accounts include Land;Buildings, Office equipment, and Communication equipment, with a separate accumulated depreciation;account for each asset. During 2011, Plumb completed the following transactions;Problem 1;Requirement;1. Record the transactions in Plumb Associate's journal. (Round depreciation expense to the;nearest whole dollar.);Record the trasaction in Plumb's journal. First record the trade-in of equipment on January 1.;Journal Entry;Date Accounts Debit Credit;Record the purchase of the land and communication equipment on April 1.;Journal Entry;Date Accounts Debit Credit;Before we record the sale of the building, we must record the depreciation expense for the first;eight months of the year.;Journal Entry;Date Accounts Debit Credit;Journalize the sale of the building.;Round your answers to the nearest whole dollar.;Journal Entry;Date Accounts Debit Credit;Record the depreciation on the communication equipment for the portion of the year in which it was;owned by the company. Round your answers to the nearest whole dollar.;Journal Entry;Date Accounts Debit Credit;Journalize depreciation expense on the office equipment for the year.;Round your answers to the nearest whole dollar.;Journal Entry;Date Accounts Debit Credit;Attachments;Mod4_Exercises.xls (199.5 KB)

 

Paper#35274 | Written in 18-Jul-2015

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