accounting extra credit - Jorge Sanchez Extra Credit(a 1...

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Jorge Sanchez November 01, 2016 Extra Credit (a) 1. Equipment ...................................................................................... 13,780 Cash .......................................................................................... 13,780 2. Depreciation Expense ..................................................................... 450 Accumulated Depreciation—Equipment ................................. 450 Cash ................................................................................................ 3,500 Accumulated Depreciation—Equipment ....................................... 2,250 Equipment ................................................................................ 5,000 Gain on Disposal of Plant Assets ............................................. 750 3. Accounts Receivable ...................................................................... 9,400 Sales Revenue .......................................................................... 9,400 Cost of Goods Sold ......................................................................... 6,600 Inventory .................................................................................. 6,600 4. Bad Debt Expense .......................................................................... 3,700 Allowance for Doubtful Accounts ........................................... 3,700 5. Interest Receivable ($10,000 X .08 X 9/12) ................................... 600 Interest Revenue ....................................................................... 600 6. Insurance Expense ($4,400 X 3/6) ................................................. 2,200 Prepaid Insurance ..................................................................... 2,200 7. Depreciation Expense ..................................................................... 3,500 Accumulated Depreciation—Buildings ................................... 3,500 8. Depreciation Expense ..................................................................... 9,900 Accumulated Depreciation—Equipment [($60,000 – $5,000) – ($55,000 X .10)] ÷ 5 ........................... 9,900 9. Depreciation Expense ..................................................................... 1,704 Accumulated Depreciation—Equipment [($13,780 – $1,000) ÷ 5] X 8/12 ............................................ 1,704 10. Amortization Expense .................................................................... 800
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Patents ...................................................................................... 800 11. Salaries and Wages Expense ........................................................... 2,200 Salaries and Wages Payable ..................................................... 2,200 12. Unearned Rent Revenue ($6,000 ÷ 4) ............................................ 1,500 Rent Revenue ........................................................................... 1,500 13. Interest Expense ($11,000 + $35,000) X .09 ................................... 4,140 Interest Payable ........................................................................ 4,140 14. Income Tax Expense ....................................................................... 17,000 Income Taxes Payable .............................................................. 17, 000
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(B) Raymond company Trial Balance December 31, 2016 Cash Accounts Receivable ...................................................................
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