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BU227 - Journal Entries.docx

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Department
Business
Course
BU127
Professor
David Scallen
Semester
Winter

Description
BU227 FINALEXAM REVIEW Part III: Journal Entries AccumulatedAmortization – Property, Plant, or Equipment xxx Property, Plant, or Equipment xxx -to dispose of a fully amortized asset AccumulatedAmortization – Property, Plant, or Equipment xxx Loss on Disposal xxx Property, Plant, or Equipment xxx -to dispose of non-fully amortized asset Cash xxx AccumulatedAmortization – Property, Plant or Equipment xxx Gain on Sale xxx Property, Plant, or Equipment xxx -to sell property, plant, or equipment at a gain -if sold at a loss, same format only with the loss as a debit IntangibleAsset xxx Cash xxx -to acquire an intangible asset Amortization Expense – IntangibleAsset xxx IntangibleAsset xxx -to amortize the cost of the intangible asset _____________________________________________________________________________ _ Note Payable xxx Interest Payable xxx Interest Expense xxx Cash xxx -payment of a note payable and interest at maturity Warranty Expense xxx Estimated Warranty Payable xxx -to accrue warranty expense Estimated Warranty Payable xxx Inventory xxx -to replace defective products sold under warranty _____________________________________________________________________________ _ Cash
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