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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Events Subsequent to Acquisition The following selected events occurred for Orwell Company during the first quarter of 2019:
Required:
- 1. Prepare journal entries for the preceding transactions.
- 2. Would any of your answers change if the company used IFRS? If so, how?
1.
Journalize transactions for the preceding transactions.
Property, Plant, and Equipment:
“Property, Plant, and Equipment” refers to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities, for generating revenue.
Prepare journal entries:
| Date | Account titles and explanation | Debit ($) | Credit ($) |
| January 11,2019 | Accumulated depreciation for machinery | 2,400 | |
| Cash ( or accounts payable) | 2,400 | ||
| ( To record replacement of motor) | |||
| February 15,2019 | Repair and maintenance Expense | 700 | |
| Cash ( or accounts payable) | 700 | ||
| ( To record repairs to machine) | |||
| �... |
2.
Identify whether the answer would change, if company uses IFRS.
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