Sheridan Company sells office equipment on July 31,2022 , for $ 22,700 cash
Sheridan Company sells office equipment on July 31,2022 , for $ 22,700 cash. The office equipment originally cost $ 83,740 and as of January 1,2022 , had accumulated depreciation of $ 35,340. Depreciation for the first 7 months of 2022 is $ 3,870.
Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when 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.)
Homework Answers
| A | Depreciation expense | 3,870 | |
| Accumulated Depreciation - Equipment | 3,870 | ||
| B | Cash | 22,700 | |
| Accumulated Depreciation - Equipment | 39,210 | ||
| Loss on sale of equipment | 21,830 | ||
| Equipment | 83,740 | ||
Add Answer to:
Sheridan Company sells office equipment on July 31,2022 , for $ 22,700 cash
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally...
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally cost $72,560 and as of January 1, 2022, had accumulated depreciation of $38,910. Depreciation for the first 7 months of 2022 is $4.980. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Brief Exercise 9-08 Wildhorse Co. sells office equipment on July 31, 2022, for $20,340 cash. The...
Brief Exercise 9-08 Wildhorse Co. sells office equipment on July 31, 2022, for $20,340 cash. The office equipment originally cost $79,190 and as of January 1, 2022, had accumulated depreciation of $38,580. Depreciation for the first 7 months of 2022 is $4,080. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Ivanhoe Company sells office equipment on July 31, 2022, for $22.410 cash. The office equipment originally cost $8...
Ivanhoe Company sells office equipment on July 31, 2022, for $22.410 cash. The office equipment originally cost $81,920 and as of January 1, 2022, ha m ed depreciation of $37,600 Depreciation for the first 7 months of 2022 is $4,580. Prepare the journal entries to (a) update depreciation to July 31, 2022, and record the sale of the equipment. (Cred account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No...
Sheridan Corp. sells idle machinery to Enyart Company on July 1, 2020, for $45,000. Sheridan agrees...
Sheridan Corp. sells idle machinery to Enyart Company on July 1, 2020, for $45,000. Sheridan agrees to repurchase this equipment from Enyart on June 30, 2021, for a price of $48,150 (an imputed interest rate of 7%). Prepare the journal entry for Sheridan for the transfer of the asset to Enyart on July 1, 2020. (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...
Gunkelson Company sells equipment on September 30, 2017, for $19,200 cash. The equipment originally cost $73,400...
Gunkelson Company sells equipment on September 30, 2017, for $19,200 cash. The equipment originally cost $73,400 and as of January 1, 2017, had accumulated depreciation of $42,400. Depreciation for the first 9 months of 2017 is $5,750. Prepare the journal entries to (a) update depreciation to September 30, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
PRINTER VERSION BACK NEXT Exercise 9-08 On July 1, 2019, Sheridan Company purchased new equipment for...
PRINTER VERSION BACK NEXT Exercise 9-08 On July 1, 2019, Sheridan Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
help Sandhill Co purchases a patent for $159,300 on January 2, 2022. Its estimated useful life...
help
Sandhill Co purchases a patent for $159,300 on January 2, 2022. Its estimated useful life is 10 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit (b) Show how this patent is reported on the balance sheet...
help please Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January...
help please
Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January 1, 2022. The truck is expected to have a salvage value of $3,700 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight line method. First Year Second Year Annual depreciation under straight-line methods Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipm...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally cost $72,560 and as of January 1, 2022, had accumulated depreciation of $38,910. Depreciation for the first 7 months of 2022 is $4.980. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Brief Exercise 9-08 Wildhorse Co. sells office equipment on July 31, 2022, for $20,340 cash. The office equipment originally cost $79,190 and as of January 1, 2022, had accumulated depreciation of $38,580. Depreciation for the first 7 months of 2022 is $4,080. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Ivanhoe Company sells office equipment on July 31, 2022, for $22.410 cash. The office equipment originally cost $81,920 and as of January 1, 2022, ha m ed depreciation of $37,600 Depreciation for the first 7 months of 2022 is $4,580. Prepare the journal entries to (a) update depreciation to July 31, 2022, and record the sale of the equipment. (Cred account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No...
Sheridan Corp. sells idle machinery to Enyart Company on July 1, 2020, for $45,000. Sheridan agrees to repurchase this equipment from Enyart on June 30, 2021, for a price of $48,150 (an imputed interest rate of 7%). Prepare the journal entry for Sheridan for the transfer of the asset to Enyart on July 1, 2020. (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...
PRINTER VERSION BACK NEXT Exercise 9-08 On July 1, 2019, Sheridan Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
help
Sandhill Co purchases a patent for $159,300 on January 2, 2022. Its estimated useful life is 10 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit (b) Show how this patent is reported on the balance sheet...
help please
Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January 1, 2022. The truck is expected to have a salvage value of $3,700 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight line method. First Year Second Year Annual depreciation under straight-line methods Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
Most questions answered within 3 hours.
-
Which is a possible value for the principal quantum number
n?
7, 3.14 , 2.5, None...
asked 1 minute ago -
Everyone loves a helium filled balloon for a party. Do some
basic Internet research and answer...
asked 27 seconds ago -
Here is a pair of aromatic compounds that each have a complicated
set of aromatic peaks....
asked 19 minutes ago -
As with many public goods, determining the appropriate level of
government support for the production of...
asked 22 minutes ago -
Write a balanced chemical equation for the oxidation reaction
between Caro’s acid (H2SO5) and CN– ion...
asked 25 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 35 minutes ago -
Which of the following are true about the strength of the
association between two variables?
1-...
asked 32 minutes ago -
You are a monopolist and know that your consumers have a linear
demand curve. At what...
asked 31 minutes ago -
Raising a heavy load requires work. Raising it in half the time
requires:
asked 37 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 37 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 39 minutes ago -
35. When the electron in a hydrogen atom falls from its first
excited energy level to...
asked 40 minutes ago