4-19-11 Solution - PROBLEM 22-7 (1) Depreciation

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Unformatted text preview: PROBLEM 22-7 (1) Depreciation Expense................................................................................ 3,200 Accumulated DepreciationDelivery Vehicles............................ 3,200 (2) Income Summary....................................................................................... 19,000 Retained Earnings............................................................................ 19,000 (3) Cash ............................................................................................... 5,600 Accounts Receivable........................................................................ 5,600 (4) Accumulated DepreciationEquipment................................................. 25,000 Equipment........................................................................................ 21,300 Gain on Sale of Equipment............................................................. 3,700 (5) Estimated Litigation Loss.......................................................................... 125,000 Estimated Litigation Liability......................................................... 125,000 (6) Unrealized Holding Gain or LossIncome............................................ 2,000 Securities Fair Value Adjustment (Trading)................................. 2,000 (7) Accrued Salaries Payable ($16,000 $12,200)........................................ 3,800 Salaries Expense............................................................................... 3,800 (8) Depreciation Expense................................................................................ 5,000 Equipment.................................................................................................. 40,000 Repairs Expense............................................................................... 40,000 Accumulated DepreciationEquipment....................................... 5,000 PROBLEM 22-7 (Continued) (9) Insurance Expense ($12,000 3).................................................................... 4,000 Prepaid Insurance............................................................................................Prepaid Insurance....
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This note was uploaded on 01/31/2011 for the course MGMT 351 taught by Professor Staff during the Spring '08 term at Purdue University-West Lafayette.

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4-19-11 Solution - PROBLEM 22-7 (1) Depreciation

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