Homework Answers
SOLUTION
| Date | Accounts titles and Explanation | Debit ($) | Credit ($) |
| April 1, 2021 | Depreciation expense | 11,430 | |
| Accumulated depreciation (45,720 * 3/12) | 11,430 | ||
| (To record depreciation) | |||
| April 1, 2021 | Machinery, New | 280,700 | |
| Accumulated depreciation- Machinery (114,300+11,430) | 125,730 | ||
| Loss on disposal of machinery | 13,400 | ||
| Cash (280,700-89,470) | 191,230 | ||
| Machinery, Old | 228,600 | ||
| (To record the exchange of machinery) |
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