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Unformatted text preview: ACCl 11_IN_0000_20090824_LESN1]_AHFOIB_S - Page 3 of 17 Case 9.5 TD Industries has a piece of equipment that has a cost of $200,000. The equipment has accumulated depreciation of $75,000. Refer to Case 9.5. if the equipment is sold for $120,000, TD will: debit a loss for $15,000. ' - debit accumulated depreciation for $75,000. '- credit cash for $120,000. C- credit a gain for $5.000. 6 of 50 Case 8.2 Emerson Electronics had the following information related to its September inventory. Number of Units Cost Sept. 1 Beginning inventory 200 Units $10 6 Purchase 200 Units $12 16 Sold 250 Units 27 Purchase 200 Units $14 30 Sold 300 Units Sales were made at $15 per unit and Emerson uses the perpetual inventory system. Refer to Case 8.2. The average cost per unit after the September 27 purchase would be: '_- $11. $12.50. _' $13.31. $12.71. 7 of 50 Patriot Bank loans P+P Company $200,000 on a 1 year promissory note on December 1, 2009. The interest rate of this loan is 8.5%. The principle and interest are due in one year. The journal entry to accrue one months worth of interest earned on12-31-09 is: A) Interest Receivable 1,417 http:#qm.riosalado.edufq4/session.dlt 8/31/201 1 ...
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