Entries by mary WAMBUGU

alpha company purchased a machine on January 1, 2017, for $70,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000.

August 26, 2019 in /by

alpha company purchased a machine on January 1, 2017, for $70,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. alpha sold the machine on January 1,2021 for $10,000. Alpha uses the double declining method for depreciation. Using this information, how much is: (enter whole […]

 

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Alpha Company established a petty cash fund on July 1, 2017 by writing a cheque in the amount of $500 and placing the proceeds into a strong box.

August 26, 2019 in /by

Alpha Company established a petty cash fund on July 1, 2017 by writing a cheque in the amount of $500 and placing the proceeds into a strong box. The custodian, Mr. Faithfully Honest, accepted the responsibility for the petty cash fund on that date. The following petty cash events occurred based on the receipts that […]

 

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alpha company prepares quarterly adjusting entries & has a fiscal year end of December 31. the following events occurred in FY 2017:

August 26, 2019 in /by

alpha company prepares quarterly adjusting entries & has a fiscal year end of December 31. the following events occurred in FY 2017: Oct.1: accepted from bravo a $27,000, four months, 8% note in lieu of an existing $27,000 account receivable. Nov. 1: purchased from zulu company, equipment for $36,000 and signed a note payable due […]

 

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