Journal Entry for Purchase of a Fixed Asset AccountDebitCredit Fixed Assets—Furniture and Fixtures $3,000.00 — Cash — $3,000.00 Total $3,000.00 $3,000.00For assets bought on installments, include the interest rate. Gauge assets exchanged for other assets at fair market value. If you can...
1.18 Accounting entry for scrap Accumulated Depreciation DR Loss on Sale of Assets DR Asset account CR Sale of Scrap 1.19 The sale of scrap (non-stock) shall be mapped as a direct manual FI entry. The customer will be created as a FI customer. No Logistics module will be involved in the...
Finance leaseROU assets, previously known as capital lease assets, are treated somewhat similarly to fixed assets in that the ROU asset related to a finance lease is typicallydepreciated using the straight-line method. The treatment ofoperating leaseROU assets, however, is quite different from fixed...
B.) recorded in the period of sale.C.) capitalized as a warranty asset.D.) none of these. B To record warranties, the adjusting journal entry would beA.) a debit to Warranty Liability and a credit to Warranty Expense.B.) a debit to Warranty Expense and a credit to Warranty Liability...
b. Why is the “loss on sale of fixed assets” added to net income in the cash flow statement in order to obtain cash flow from operations? Be specific. c. What is Mechanical Technology’s comprehensive income (loss) total for the year ended September 30, 2001? What is the single ...
Selling or disposing of Fixed Assets After selling or disposing of fixed assets,the company no longer has the asset. This requires a journal entry to remove everything in the accounting records relating to the asset. Thedepreciable cost and accumulated depreciationrelating to the assetmust both be...
Is the sale of a plant asset recorded in the sales account? What entry is made when selling a fixed asset? Dictionary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Advance Your Accounting and Bookkeeping Career ...
Acreditis an entry made on the right side of an accounting journal or general ledger account. A credit increases liabilities, revenue, and owner’s equity, and decreases assets and expenses. Current Ratiomeasures the short-term condition and liquidity of a business, and is calculated as: ...
for running a business such as forecasting, customer order entry, production planning/master production scheduling, product structure/bill of material processor, inventory control and MRP. It also improved with the addition of capacity planning, shop floor control, purchasing andaccounting. In the ...
inventory shrinkage when the balance of of the merchandise inventory is larger than the total amount of physical merchandise inventory, fix with an adjusting entry 最好的學習方式。免費註冊。 註冊代表你接受Quizlet的服務條款和隱私政策 以Google帳戶繼續...