Question

NEXT FULL SCREEN 1 BACK PRINTER VERSION ASSIGNMENT RESOURCES Brief Exercise 9-10 a-b 2021H Chapter 9 Part II Quiz (Quiz 3) O Brief Exercise 9-10 a-b E Brief Exercise 9-12 a-b Sandhill Limited sells equipment on September 30, 2018, for $43,050 cash. The equipment originally cost $156,520 when purchased on January 1, 2016. It has an estimated residual value of $3,600 and a useful life of five years. Depreciation was last recorded on December 31, 2017, the company's year end. Record debit side accounts first followed by credit side accounts. Review Score Review Results by Study Objective Z Your answer is partially correct. Try again. Prepare the journal entry to update depreciation using the straight-line method to September 30, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation x: 84,106 Depreciation Expense Accumulated Depreciation - Equipment 84,106 Z Your answer is partially correct. Try again. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Credit Debit

Answer 1

5 w Original cost of Equipment = t. Nuesi dual Value = $ 3,600 Estimated Useful life = 5 years Depreciation per year = 156520-3600 - $ 30584 Depreciation from 1/01/2018 - 30/9/2018 i e for 9 months = $.305848 9 - $22938 ................ Journal Entry to update Depreciation Account Titles and Explanation Debit aedit A 12 1. $ 22938 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense ) $22938 2. Credit Journal Entry to record sale Account Tithes Cash Loss on sale of Equipment Accumulated Depreciation - Spuipment Equipment Debit $43,050 $29,364 $84,106 $156520 (To record sale of equipment