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Magnolia Electric Car Cleaning has the following accounts:
Answer:
An event or transaction should be classified as an extraordinary item if it is unusual in
nature or if it occurs infrequently.
Answer:
On January 2, 2015, Olathe Company purchased a patent for $240,000. The patent has
an 8-year estimated useful life and a legal life of 20 years.
Instructions
Prepare the journal entry to record patent amortization.
Answer:
An effective system of internal control requires that at least two individuals be assigned
to one cash drawer so that each can serve as check on the other.
Answer:
On October 1, Head and Heart Company's petty cash fund of $150 is replenished. The
fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare
the journal entry to record the replenishment of the petty cash fund.
Answer:
Cost of goods sold is deducted from net sales revenue for the period in order to arrive at
________________.
Answer:
