Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Based on the chart which 4 digit account would you use: A to DEBIT the following: A grower borrows $75,000 from the bank for the

image text in transcribed
image text in transcribed
Based on the chart which 4 digit account would you use: A to DEBIT the following: A grower borrows $75,000 from the bank for the purchase of land. B. to CREDIT the following: A grower borrows $75,000 from the bank for the purchase of land I C. to DEBIT the following: A grower pays $1,400 for insurance, D. to CREDIT the following: A grower pays $1,400 for insurance. E. to DEBIT the following: A processor pays the income tax bill of $3,500. F. to CREDIT the following: A processor pays the income tax bill of $3,500. 1000 Cash 1100 Accounts Receivable 1211 Feeder Livestock Inventory Raised for Sale 1212 Feeder Livestock Inventory Purchased for Resale 1221 Feed Inventory Raised for Sale 1222 Feed Inventory Purchased for Fresale 1223 Feed Inventory Raised for Use 1224 Feed Inventory Purchased for Use 1231 Crop Inventory Raised for Sale 1232 Crop Inventory Purchased for Retale 1300 Prepaid Expenses 1400 Cash Investment in Growing Crops 1500 Breeding Livestock 1510 Breeding Livestock Inventory 1600 Machinery and Equipment 1650 Office Furniture and Equipment 1700 Perennial Crops and Natural Resources 1800 Land, Buildings, and improvements 1900 Investments in Cooperatives and other Investments 1910 Leased Assets 1950 Personal Assets 1980 Accumulated Depreciation 2000 Accounts Payable 2100 Taxes Payable 2200 Interest Payable 2300 Notes Payable-Non-Current 2310 Notes Payable Due within One Year 2400 Real Estate Notes Payable-Non Current 2410 Real Estate Notes Payable Due within One Year 2500 Non-Current Deferred Taxes 2510 Current Deferred Taxes 2600 Obligations on Leased Assets 2610 Obligations on Leased Assets Due within One Year 2700 Personal Liabilities 3000 Valuation Equity 3010 Change in Excess of Market Value over Cost 3020 Change in Non-Current portion of Deferred Taxes 3100 Retained Capital 3110 Owner Withdrawals 3120 Non Farm Income 3120 Other Capital Contibutions/Gifts/inheritances 3210 Change in Value of Personal Assets 3220 Change in Personal Liabilities 3230 Personal Equity 4000 Cash Crop Sales 2010 Changes in Crop Inventories 4100 Cash Sales of Market Livestock and Poultry 4110 Changes in Market Livestock and Poulby Inventories -200 Livestock Products Sales 4300 Proceeds from Government Programs 4400 Crop Insurance Proceeds 4500 Gains (Losses) from Sale of Culled Breeding Livestock 4800 Change in Value Due to Change in Quantity of Raised Breeding Livestock 4700 Change in Accounts Receivable 5000 Feeder Livestock 5010 Change in Purchased Feeder Livestock Inentories 5020 Purchased Feed 5080 Change in Purchased Feed Inventories 6100 Wages Expense 6110 Payroll Tax Expense 6120 Board for Hired Labor 6130 Insurance for Hired Labe 6200 Repairs and Maintenance for Farm Vehicles. Machinery Equipment 6210 Small Tools and Supplies 6220 Repairs and Maintenance for Buildings and improvements 6300 Rent 6310 Truck and Machinery Hire 8400 Fuel Oil, Gas, Grease 6500 Seed 6510 Fertilizers 6520 Herbicides, Pesticides 6530 Twine. Sacks 6540 Poisons. Seed Tests 6600 Veterinarian, Vaccinations, Medications

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Analytics Using Descriptive Predictive And Social Network Techniques A Guide To Data Science For Fraud Detection

Authors: Bart Baesens, Veronique Van Vlasselaer, Wouter Verbeke

1st Edition

1119133122, 978-1119133124

More Books

Students also viewed these Accounting questions

Question

What is the cerebrum?

Answered: 1 week ago