Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On July 1, Dell sold 100 computers to the Best Buy for $500 each on account with terms of 3/15, n30. On July 11, Best

image text in transcribed
image text in transcribed
image text in transcribed
On July 1, Dell sold 100 computers to the Best Buy for $500 each on account with terms of 3/15, n30. On July 11, Best Buy paid the amount they owed to Dell and took the discount. What journal entry (debit and credit) should Dell record on July 11? (Select all answers that apply) Debit Accounts Receivable $48,500 Debit Accounts Receivable $50,000 Debit Cash $48,500 Credit Sales Discounts $1,500 Credit Sales Revenue $50,000 Debit Cash $50,000 Credit Accounts Receivable $50,000 Debit Sales Discounts $1,500 Credit Sales Revenue $48,500 Credit Accounts Receivable $48,500 Darden Restaurants purchased a delivery truck on 1/1 at a cost of $36,000, an estimated salvage (residual) value of $10,000, and an estimated useful life of 5 years. The truck is being depreciated on a straight-line basis. At the end of the first year (12/31), what amount will Darden Restaurants report for depreciation expense? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Captain's BBQ in Palm Coast Florida purchased a delivery truck for $44.000 on 1/1 in Year 1. The delivery truck is expected to have a five-year life or last 100,000 miles and have a residual value of $10,000. The truck was driven as follows for year 1 & 2: Year 1 - 17,000 miles Year 2 - 25,000 miles If Captain's BBQ uses activity based depreciation method, what will be the book value of the truck at the end of Year 2 on 12/31? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

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

Conservation Easement IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304133923, 978-1304133922

More Books

Students also viewed these Accounting questions