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TRANSACTION ANALYSIS: Below are selected business transaction that occurred during 2018 for Reading Railroad Construction Company. Reading Railroad sells replacement parts and railroad cars in
TRANSACTION ANALYSIS: Below are selected business transaction that occurred during 2018 for Reading Railroad Construction Company. Reading Railroad sells replacement parts and railroad cars in the transportation industry. Please record the following journal entries. Note: Journal entries that share the same number (1A, 1B, 1C, etc.) are related to each other Q30. Transaction 5- October 1, 2018: Reading Railroad received a $2,000,000 deposit from a customer to design and build a custom luxury dining train car. The delivery of the order is expected in 10 months. The appropriate transaction to record the receipt of the customer's deposit should be: A. Debit: Cash; Credit: Service Revenue. B. Debit: Unearned Revenue; Credit: Cash C. Debit: Uncamned Revenue; Credit: Service Revenue. D. Debit: Cash; Credit: Unearned Revenue. Income Statement Preparation: The accounts and their balances are shown in no particular order: Cost of Goods Sold (COGS) $90,000 Depreciation Expense 5,000 General and Administrative Expenses 27,000 Interest Revenue 2,000 Income Tax Expense 11,000 Ickterest Expense 6,000 Sales Revenues 150,000 Q24. What is the dollar amount of the net income A $9,000 B. S 13,000 OC. $24,000
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