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otices Chart of Accounts First Question Journa Instructions Backwoods Mining Co. acquired mineral rights for $45,034,000. The mineral deposit is estimated at 17.800.000 tons. During the current year. 2.000.000 tons were mined and sold Required 2. Determine the amount of depletion expense for the current year B. Joumalize the adjusting entry on December 31 to recognize the deple ion expense. Refer to the chart of accounts for the exact wording of the COURSES CNCW camers do not use ines for journal explanations. Every line on a journal page is used for debitor credit entries CNOW jumes wattomatically adent a creat entry when a crear amount is entered Instructions Chart of Accounts First Question a. Determine the amount of depletion expense for the current year. $ Chart of Accounts First Question Journal Instructions Chart of Accounts First Question Journal D. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the chart of accounts for the exact wording of the account titles. CNOWjoumais do not use Ines joumals will automatically Indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POST REF DESCRIPTION Adjusting Entries DEBIT CREDIT ASSETS LIABILITIES EQUITY Depletion Entries instructions Chart of Accounts First Question Journal Chart of Accounts CHART OF ACCOUNTS Backwoode Mining Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 112 Accounts Receivable 610 Interest Revenue 114 Interest Receivable 820 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 822 Ganon Sale of Mineral Rights 115 Noles Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid insurance EXPENSES 510 Coal of Merchandise Sold 520 Sales Experise 120 Land 123 Delivery Truck 124 Accumulated Depreciation Delvery Truck 125 Equipment 126 Accumulated Depreciation Equipment 130 Mineral Rights 134 Bud Depletion 132 Goodwill 113 Datens 521 Advertising Expense 522 Depreciation Experise-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Dange 589 Seling Expenses 531 Rendben 512 Depreciation Experisement 5:32 Dupla pene 5. Amon Exponents 516 urine on 536 Sume Exam LIABILITIES 210 As Paysbe Go My Work Instructions Chart of Accounts First Question Journal Chart of Accounts 114 Interest Receivable 115 Notes Receivable 621 Gain on Sale of Lquipment 622 Gain on Sale of Mineral Rights 116 Merchandise Inventory 117 Supplies EXPENSES 119 Prepaid Insurance 510 Cost of Merchandise Sold 120 Land 520 Salaries Expense 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation Equipment 130 Mineral Rights 521 Advertising Expense 522 Depreciation Expense Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 131 Accumulated Depletion 529 Selling Expenses 531 Rent Expense 132 Goedwill 133 Patents 532 Depreciation Expense Equipment 533 Depletion Expense 534 Amortization Expense Patente LIABILITIES 535 Insurance Expense 210 Accounts Payable 211 Salaties Payable 213 Sales Tax Payable 214 Interest Payable 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Deliver Truck 721 Loss on Sale of Caupment 722 Loss on sale of Mine Right 215 Noles Payable EQUITY 310 Owner's Capital 311 Owner's Drawing Ched My Wak