jamesaACC502.M3-c (2) - Name Section Date Part I General...

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1 Name C Section Date Part I General Journal Date Account Titles 1 (a) 2 Aug. 31 Merchandise Inventory 3 Cash (will be paid in August) 4 (b) 1 Monthly amortization: 2 Before upgrade 600/2(yrs)=300 for every month its 300/12= $25 3 4 Accumulated amortization, August 31, 2010: 5 The cost of the upgrade is $1,500 6 The cost of the insurance and maintenance is $1,200 per yr or $100 per month 7 Book value at August 31, 2010: 8 $600+$1,500+$1,200= $3,300 9 10 1 (c) Revised monthly amortization: 1-Sep-10 2 $100+25=$125 $125 3 4 5 6 7 8 9 10 11 (d) Accumulated amortization: 31-Dec-10 12 $600+1,200= $1,800 $1,800 per yr. 13 14 Book value 31-Dec-10 15 $600+$1,500+$1,200= $3,300 $3,330 16
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1 hapter 9 Continuing Cookie Chronicle Cookie Creations Inc. Debit Credit 1 $1,500 2 $1,500 3 4 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
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2 Name Chap Section Date Part I (Continued) 1 (e) In accounting every transaction needs to be accounted for 2 practices and uses the perpetual inventory
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jamesaACC502.M3-c (2) - Name Section Date Part I General...

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