, The following iforaion applies to the quessoms dispiayed below Randy\'s Ressau

Question

, The following iforaion applies to the quessoms dispiayed below Randy's Ressaurant Company (RRC) entered into the following trasactio during a necent year Aprilt Puechased a new food locker for $5,800 by paying $1400 cash and signing $4,400 mote due in s monthh een ? bmiled an air-condienng system pie tood tocker et cost or sa 400purchased or, account pr3o Whoe✓ for the mount owed on account for the work completed on Ap May1 A local cenbry company repaired the restaurants ront door for whch C wrote check for the ful $60 cost une1 Paid $10080 cash for the righs to use the name and stone concept created by a derent estaurant that has been successul in the region For the net lour years, RC will oprate under the Muilet Restaurent name, with the siogan business oushomes in the t and partiers in the

Explanation / Answer

Answer -

1b. Preparing Journal entries for above transactions

2. Calculating Depreciation for Equipment and Franchise Rights

3. Preparing Journal Entry for Above Depreciation and Amortization

Date General Journal Debit ($) Credit($) April,1 Food Locker              5,800 Cash              1,400 Notes Payable              4,400 (To record purchase of new food locker) Apr,2 Air Condition System              3,400 Accounts Payable              3,400 (To record purchase of new air condition) Apr,30 Accounts Payable              3,400 Cash              3,400 (To record payment of accounts payable) May,1 Repairs Expenses                  160 Cash                  160 (To record payment of repairs expenses) jun,1 Franchise Rights            10,800 Cash            10,800 (To record payment for Franchise rights obtained)

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.