Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,500,000 pine trees that, when mature, can be used for utility poles. Bedford paid $900 per acre for the timberland. The land has a res

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05.07.2022 - 21:05

Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,500,000 pine trees that, when mature, can be used for utility poles. Bedford paid $900 per acre for the timberland. The land has a res

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Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,500,000 pine trees that, when mature, can be used for utility poles. Bedford paid $900 per acre for the timberland. The land has a residual value of $180 per acre when all the trees are harvested. During 2009, Bedford harvested 150,000 trees.

Required:

1. Compute the depletion per tree.

2. Prepare the journal entry to record the harvesting of the trees for 2009.

Answers (0)

Sue April 2, 2023 в 17:15

The appropriate adjusting journal entry to be made at the end of the period would be option A: Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400. This is because the company initially debited the cost of all the office supplies purchased to the Office Supplies account. However, at the end of the period, a physical count revealed that only $2,400 worth of supplies were actually used, leaving $2,400 still on hand. This means that the company should adjust their accounts by moving $2,400 from the asset account (Office Supplies) to the expense account (Office Supplies Expense) to accurately reflect the amount of supplies actually used during the period.

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