Chapter 7 Journal Entries

Chapter 7 Journal Entries - to his expense account. Dr...

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Merchandise inventory with a cost of $208,000 is reported at its market value of $260,000.  No Entry. Principle violated (PV) - Cost principle Equipment worth $62,000 was acquired at a cost of $41,000 from a company that had water damage in a  flood.  Dr Equipment 41,000 Cr Cash 41,000 The president of Vicki Proqitz Company, Mark Nabke, purchased a truck for personal use and charged it 
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Unformatted text preview: to his expense account. Dr Staff receivable $18,000 Cr Cash $18,000 An electric pencil sharpener costing $50 is being depreciated over 5 years. No Entry. PV - Materiality principle...
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Chapter 7 Journal Entries - to his expense account. Dr...

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