ACC 522 Lecture Notes - Lecture 4: Accounts Payable, Retained Earnings, Income Statement

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Calculate all the ending balances for the chart after you make the entry for the estimated uncollectible accounts. Provide the multiple step income statement down to the gross profit line. Openin g balance s s n r u t e r s e a. The following transactions related to equipment purchased by olive for olivita inc. in 2015. Purchased equipment for ,000, paying ,000 cash and the remainder as accounts payable, due in 45 days. Paid shipping charges on the equipment of . Paid for a 1 year insurance policy, ,800. The estimated residual value is ,450 and the useful life is 5 years. June 30 paid off the outstanding accounts payable related to the equipment. The business sells the equipment for ,000 cash. Olivita inc. only records depreciation at the end of every year. Record all the entries to june 30, 2015, in the expanded accounting equation. Complete the chart, below, for 2015, 2016, 2017, and 2018.

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