Question
2: For each question, please list the names of the account to debit, name of the account to credit, and proper amounts for both debit
2: For each question, please list the names of the account to debit, name of the account to credit, and proper amounts for both debit and credit sides. If possible, please also provide a brief explanation as to why you chose that account name and why it is either debit or credit amounts.
a: Company sold with cash a tangible fixed asset valued $20,000 at the begining with accumulated depreciation of $8,000 for $18,000.
b: Company recorded a bill $4 000 for roof renovation of the administration building by an external company. Amount will be paid next month (costs by nature applied).
c: 50 units of good for resale X were taken from the warehouse and sold at $15 per unit.
d: Company bought with a short-term bank loan a new car for $12 000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started