CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION . BACK NEXT Exercis

Question

CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION . BACK NEXT Exercise 23-19 The accounts below appear in the ledger of Ayayai Company Retained Earnings Dr. Cr Jan. 1, 2017 Credit Balance Aug. 15 Dividends (cash) Dec. 31Net Income for 2017 Bal. $41,800 26,900 $14,900 40,100 67,000 Equipment Dr. Cr. Jan. 1, 2017 Debit Balance Aug 3 Sept. 10 Cost of Equipment Constructed Nov. 15 Equipment Sold Bal. $138,600 200,800 248,300 Purchase of Equipment $62,200 47,500 $55,500 192,800 Accumulated Depreciation- Equipment Dr. Cr. Bal Jan. 1, 2017 Apr. 8 Nov. 15 Dec. 31 Credit Balance Major Repairs Accum. Depreciation on Equipment Sold Depreciation for 2017 $83,500 $20,900 24,900 62,600 37,700 $16,600 54,300 Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cash flows. The loss on sale of equipment (November 15) was $5,900. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Explanation / Answer

In the books of Ayayai Company:

Date Account Titles Debit Credit $ $ Aug 15, 2017 Dividends 14,900 Cash 14,900 To record cash dividends Dec 31, 2017 Income Summary 40,100 Retained Earnings 40,100 To record net income Dec 31, 2017 Depreciation Expense 16,600 Accumulated Depreciation 16,600 To record depreciation expense Aug 3, 2017 Equipment 62,200 Cash 62,200 To record new equipment Sep 10, 2017 Equipment 47,500 Construction WIP 47,500 To record new equipment April 8, 2017 Accumulated Depreciation : Equipment 20,900 Cash 20,900 To record repairs Nov 15 2017 Cash 24,700 Accumulated Depreciation 24,900 Loss on Sale of Equipment 5,900 Equipment 55,500 To record sale of equipment

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

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