Q23. Sale of equipment Entity A sold the following equipment. (a) Cost of equipment = $70,000 (b) Accumulated depreciation = $63,000 (c) Sale price of
Q22. Depreciation On January 1, 20×1, Entity A purchased equipment at $90,000. The equipment is expected to have $9,000 residual value at the end of
Q21. Purchase of equipment Entity A purchased equipment and issued a promissory note to pay $26,000 three months later. Prepare a journal entry to record
Q20. Allowance for doubtful accounts On December 31, 20×1, Entity A had $150,000 balance of accounts receivable. It is estimated that 3% of accounts receivable
Q19. Notes receivable On December 1, 20×1, Entity A received a promissory note as the collection of accounts receivable from a customer. (a) Face amount
Section 4. Assets Q18. Accounts receivable Entity A collected $9,300 in cash from accounts receivable. Prepare a journal entry to record this transaction. A18. When