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Business · Accounting
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2) Identify cost of goods sold f on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 the profit of the month. 3) Journalize the transactions Quantity (Units) Unit Price 7 Sales 18 Purchase 26 Sales $68 65 90 67 91 5 IV. (40) Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: 1 Received $10,000 contribution from Bill Alone in exchange for capital. 12 21 27 Paid utilities expense of $400. Purchased equipment on account, $2,400. The owner, Bill Alone, withdrew $500 cash from the business. Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000. Straight depreciation is taken each year assuming a seven-year life and a salvage cost of $4,000. The machin disposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017. 2) On Ju 2017 the machine is sold for $45,500 for cash. Journalize the transaction. 3. Journalize the transactions for TED Co., assuming the company uses direct write-off method t with the uncollectible receivables Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the of $3,000. Oct. 5 15 Received payment from the client A 20 Received $1,800 which was written off on Jan. 5, from client B
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