XXXXX is trying to find total payments made from a $100 petty cash fund if there is a $ 6 shortage and $8 left in the account.
B. XXXXX XXXXX works at Pet Supply Inc. and is recording cash sales, how much would cash be debited if sales receipts totaled $5,550 and the cash short/over is credited for $80. What would his credit sales be?
C. Record the collection of a 90 day, 10%, $125,000 note dated November 18th.
D. Farming equipment was purchased on July 1st 2005 for 19.5 million dollars. Farmers believe this machinery can mow 100 million acres of land over its 15 year useful economic life. The salvage value was 1.5 million. Calculate and record depreciation for 2005 using the straight line method. Also calculate the units of production method if deprecation of 4 million acres of land were actually mowed.
Now assume the book value of the equipment is now equal to its salvage value. Record the entry to account for the sale of the equipment for 6 million dollars.