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debit to Notes Receivable for $76,250.
debit to Notes Receivable for $78,720.
credit to Interest Revenue for $1,250.
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ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)

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ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)

E9-9: Presented below are selected transactions at Tomas Company
for 2014.
Journalize all entries required on the above dates, including entries to
update depreciation, where applicable, on assets disposed of. Tomas
Company uses straight-line depreciation. ............
E9-11: On July 1, 2014, Sutton Inc. invested $720,000 in a mine
estimated to have 800,000 tons of ore of uniform grade. During the
last 6 months of 2014, 120,000 tons of ore were mined and sold.
............
a)

Calculate depletion cost per unit.

b)

Prepare the journal entry to record depletion expense.