Instructions (This is all one question together labeled as 1 and 2) CHART OF ACC
ID: 2460570 • Letter: I
Question
Instructions (This is all one question together labeled as 1 and 2)
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Vehicles 124 Accumulated Depreciation-Vehicles 125 Equipment 126 Accumulated Depreciation-Equipment 130 Timber Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Vehicles 621 Gain on Sale of Equipment 622 Gain on Sale of Timber Rights 623 Gain from Sale of Goodwill EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Vehicles 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Vehicles 721 Loss on Sale of Equipment 722 Loss on Sale of Timber Rights 723 Loss from Impaired GoodwillExplanation / Answer
Answer Answer Depletion of Timber 1100000 *1600000 5000000 ' = $ 352000 Answer Impaired of goodwill '= $ 3750000 Answer Amortization of Patent '= 6600000/12*3/4 '= $ 4125000 Answer Depletion of Timber Date Description Post ref Debit Credit 12/31 Depletion Expenses 352000 Accumulated Depletion 352000 Answer Impaired of goodwill Date Description Post ref Debit Credit 12/31 Loss from Impaired Goodwill 3750000 Goodwill 3750000 Answer Amortization of Patent Date Description Post ref Debit Credit 12/31 Amortization Expenses - Patent 4125000 Patent 4125000