Question

PRINTER VE cALEMATOR Brief Exercise 7- Sheridan Company selis office equipment on July 33, 2017, for $20,320 cash. The omce equipment onginally cost s84,530 and as of January 1, 2017, had accumuated depreciatien of $41,710. Depreciation for the firt 7 monts of 2037 is $3,870 Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the saie of the equipment (f a transaction causes a decrease in Assets Liabaes or Steckhades quty, place e negativi gn cor panrentheses) te hent of t entered for the particular Asset, Llabity or Equity Mem that was reduced.) Assets Liabities Stockholderw Equity Retained Earnings Cash Accum. Depr.-Equip. + Equipmant Common Steck Revenue Dividend Expense Bal (a) Depreciation pense () Click if you weuld ke to Show Work for this question Qpen Show Wark

Answer 1

Assets

=

Liabilities

+

Stockholders' Equity

Retained Earnings

Cash

+

Equipment

-

Accum. Depr.- Equip.

=

+

Common Stock

+

Revenue

-

Expense

-

Dividend

Bal.

$84,510

$41,710

(a)

$3,670

$3,670

Depreciation Expenses

(b)

$20,320

-$84,510

-$45,380

$18,810

Loss on Sale of Equipment