quiz 9 - Quiz 9 1. InEXERCISE97,part(c),thejournalentry

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Quiz 9 1. In EXERCISE 9-7, part (c), the journal entry A. Debits “Cash” for 18,000; Debits “Accumulated Depreciation—Delivery Equipment” for  20,000; Debits “Loss on Disposal” for 12,000; and Credits “Delivery Equipment” for  50,000 2. In Problem 9-3B, the Jan. 1 journal entry B. Debits “Accumulated Depreciation—Machinery” for 52,000 and Credits “Machinery”  for 52,000 3. In Problem 9-3B, the June 30 journal entry that Debits “Cash” for 23,000  also includes a C. Credit to “Gain on Disposal” for 4,000 (or other credit to gain) 4. In Problem 9-3B, the December 31 journal entry that Credits “Truck” for  30,000 also includes a C. Debit to “Loss on Disposal” for 18,000 5. A company purchased land for $70,000 cash. Real estate brokers' commission was  $5,000 and $7,000 was spent for demolishing an old building on the land before  construction of a new building could start. Under the cost principle, the cost of land  would be recorded at D. $82,000. 6. The Land account would include all of the following costs except B. the cost of building a fence.
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This note was uploaded on 07/16/2010 for the course ACCT 2302 taught by Professor Dr.winking during the Spring '10 term at Tulane.

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quiz 9 - Quiz 9 1. InEXERCISE97,part(c),thejournalentry

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