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What would the journal entry for this question be?
Asked Mar 3, 2010, 08:22 PM
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2 Answers In May 2009, management of JJB determined that their assorted chocolate line of business was not profitable and could not compete with Rogers Chocolate and decided to discontinue operations. On Sept 23rd, 2009 JJB sold all assets relating to the Chocolate business and recorded a gain of $69,000 before tax on the transaction. Dr Accounts Receivable 96,500 Building 375,000 Cash 145,600 Cost of Goods Sold 205,800 Equipment 375,000 General and Administrative Expenses 175,000 Insurance Expense 2,500 Interest Expense 19,000 Inventory 164,000 Land 780,000 Loss from extraordinary item 55,000 Net operating loss for discontinued operations 35,000 Office Furniture 65,000 Prepaid Insurance 45,000 Prepaid Rent 30,000 Rent Expense 15,000 Sales Discounts 15,000 Sales Returns 2,500 Supplies 6,500 Vehicles 40,000 Cr Accounts Payable 78,900 Accumulated Amortization - Building 120,000 Accumulated Amortization - Equipment 150,000 Accumulated Amortization - Office Furniture 15,000 Accumulated Amortization - Vehicles 15,000 Allowance for doubtful accounts 37,000 Bonds Payable 500,000 Common Shares 305,000 Gain on sale of assets from discontinued operations 69,000 Interest Revenue 18,000 Notes Payable 325,000 Preferred Shares 125,000 Retained Earnings 147,800 Sales Revenue 685,000 Unearned Revenue 56,700 |
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