User Account

All Pages

Record the trade ins

Assignment Help Accounting Basics
Reference no: EM132642970

Question - Cheque no, 1 was used to purchase a new executive office desk from Morgan Office Furniture for the owner less the trade in of his old desk. The new desk cost $2200 and he received cash back of $150 for the old desk. The old desk cost $500 and had a written down value of $90 at the time of sale. Record the trade ins, sales, purchase and Profit/loss on trade ins.

Reference no: EM132642970

Questions Cloud

How weigh the pros and cons to pesticide use : How Weigh the pros and cons to pesticide use? What are the environmental impacts, both pro and con, and what are the health impacts?
Discuss the implications of the distinctions and differences : Post your perspective on the distinctions between social change and advocacy. Discuss the implications of these distinctions and differences.
Prepare the ledger accounts for the year ended december : Salaries to be allowed as follows: Stan - R22 500 per month; and Ben R15 000 per month. Prepare the ledger accounts for the year ended December
What environmental pollutants cause the outbreaks : What environmental pollutants cause the outbreaks? What are the sources of these pollutants? Include information on how pollutants relate to the nutrient cycles
Record the trade ins : The old desk cost $500 and had a written down value of $90 at the time of sale. Record the trade ins, sales, purchase and Profit/loss on trade ins
How government policy such as blood quantum : How government policy such as blood quantum, membership codes, residential schools, or other assimilation policies influence Indigenous peoples health?
Show general journal entries to record the declaration : Show general journal entries to record the declaration of dividends on 30 November 2019 and the subsequent payment of dividends on 31 December 2019
How you might collect data from stakeholders : People often use advocacy to create positive change for society. Advocacy represents the strategies devised, actions taken, and solutions proposed to influence.
Determine the proper balances : Cost of organization $2,000. Determine the proper balances as of 12/31/19 for a separate land account and a separate buildings account

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the missing numbers identified by question marks

The flowchart below shows the August production activity of the punching and bending department of Wire Box Company. Use the amounts shiwn on the flowchart.

  Show the remaining amount available for spending

(Encumbrance and expenditure accounting) The city council made an appropriation of $95,000 to the Police Department for the purchase of supplies, equipment.

  Prepare a journal entry to record the development costs

Early in 2016, the Excalibur Company began developing a new software package to be marketed. Prepare a journal entry to record the 2016 development costs

  Calculate the profit margin ratio

For the year ended May 31, 2015, NIKE, Inc. financial statements included the following data: Use this data to calculate the profit margin ratio

  Cn a trading rule based on the past history of a stocks

can a trading rule based on the past history of a stocks price ever produce returns that are consistently above

  Amount owed to hi-speed

At the acquisition date, the computer software had a 4-year remaining life, and the Internet domain name was estimated to have a 10-year remaining life.

  If the 5000000 investment in the cable tv division issold

the united world corporation has three

  Prepare a multiple-step income statement

Prepare a multiple-step income statement for the year ended December

  How much does accure for salary expense

This year ends on wednesday, If, for the last week of the year gross payroll is $10,000 how much does it accure for salary expense?

  What difference cash or accrual basis of accounting make

What difference does cash or accrual basis of accounting make to recording two tasks or functions of your current (or previous) job?

  What amount of intra-entity inventory profit must deferred

At year-end, only $24,000 of merchandise was still being held by Yale. What amount of intra-entity inventory profit must be deferred by Tower

  Summary entries to record by using installment-sales method

Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000. Instructions: Using the installment-sales method, make s..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd