Chapter 9 HW - S9-8(10 min Journal Entry Date Dec 31 2012 Accounts Depreciation Expense Accumulated Depreciation Accumulated Depreciation New

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Unformatted text preview: S9-8 (10 min) Journal Entry Date Dec. 31, 2012 Accounts Depreciation Expense Accumulated Depreciation Accumulated Depreciation New Computer Computer Equipment Cash Debit Credit 2,200 2,200 2,200 3,800 3,100 2,900 S9-11(10 min) Req. 1 $120,000 of Goodwill Req. 2 Journal Entry Accounts Date Assets Goodwill Debit Credit 120,000 120,000 Liabilities Cash 80,000 160,000 E9-15 (5-10min) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) Expenditure Classification Purchase price Expenditure Ordinary recurring repairs to keep the machinery in good working order Expense Lubrication before machinery is placed in service Expenditure Periodic lubrication after machinery is placed in service Expense Major overhaul to extend useful life by three years Expenditure Sales tax paid on the purchase price Expense Transportation and insurance while machinery is in transit from seller to buyer Expenditure Installation Expenditure Training of personnel for initial operation of the machinery Expense Income tax paid on income earned from the sale of products manufactured by the machinery Espense E9-23 (10-15 min) Journal Entry Accounts Mineral Asset Debit Credit 488,500 Notes Payable 488,500 Filing Fee License Fee Geological Survey 500 1000 90000 Cash Depletion Expense Accumulated Depletion 24,400 91,500 24,400 E9-25 (10-15 min) Req. 1 Cost of goodwill purchased: Purchase Price to acquire Kate, Co. Market value of Kate's assets: Less: Kate Liabilities 9 million 18 milion 13 million Market value of Kate net assets: Cost of goodwill purchased 5 million 4 million Req. 2 Journal Entry Accounts Date Assets Goodwill Debit Credit 18,000,000 4,000,000 Liabilities Cash 13,000,000 9,000,000 ...
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This note was uploaded on 08/09/2011 for the course ACCOUNTING --- taught by Professor --- during the Spring '11 term at Universidad Iberoamericana.

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Chapter 9 HW - S9-8(10 min Journal Entry Date Dec 31 2012 Accounts Depreciation Expense Accumulated Depreciation Accumulated Depreciation New

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