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Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Description Date Debit...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Credit Debit Date...
prepare the journal entry to record the sale of the shelving units Required information (The following...
prepare the journal entry to record the sale of the shelving units
Required information (The following information applies to the questions displayed below.) As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,040 cash. The shelves originally cost $7,360 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $560....
Prepare Journal entries to record each of the following sales transactions of a merchandising company. The c...
Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 sold merchandise for $7,000, with credit termen/30; invoice dated April 1. The cost of the merchandise is $4,200. Apr. 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cont $468, is returned to inventory. Apr. 8 Sold merchandise for $3,000, with credit...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was spent on a major overhaul in 2022 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $40,000. Prepare the appropriate journal entry to record the disposition 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...
Required: Prepare the journal entry to record the sale of the car assuming the car sold...
Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $6,500 cash, (b) $4,000 cash, and (c) 56,700 cash. The company recorded the car as equipment. If no entry is required, leave the answer boxes blank Record sale of car Record sale of car Born calendar Record sale of car 1111 1111 III. III. DIE Record sale of car Record sale of car Pres Check My Work 2 more Check My Work...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 Sold merchandise for $6,600, with credit terms 1/30; invoice dated April 1. The cost of the merchandise is $3.960. apr. The customer in the April 1 sale returned $740 of merchandise for full credit. The merchandise, which had cost $444, is returned to inventory. Npr. 8 Sold merchandise for $2,800, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Apr. 1 Sold merchandise for $6,400, with credit terns n/30; invoice dated April 1. The cost of the merchandise is $3,840. Apr. 4 The customer in the April 1 sale returned $720 of merchandise for full credit. The merchandise, which had cost $432, is returned to inventory. Apr. 8 Sold merchandise for $2,700, with...
Journalizing Business Transactions Prepare journal entries for each of the following transactions (a) through () If...
Journalizing Business Transactions Prepare journal entries for each of the following transactions (a) through () If transaction requires no entry, select "No entry" as the drop-down answer option a. Receive merchandise inventory costing $9,000, purchased with cash. General Journal Description Debit Credit b. Sell half of inventory in (a) for $7,500 on credit. Description Credit To record cost of inventory sold Fo 4 5 8 9 lackboard.chapman.edu/webapps/blackboard/content/contentWrapper jsp?course jde 46700 1ådisplay amesmyB Menu To record sale of merohandise c. Place...
can someone help me with this and explain how they did it? Sale of Equipment Assume the equipment was sold on...
can someone help me with this and explain how they did it?
Sale of Equipment Assume the equipment was sold on December 31, 2019 and had accumulated depreciation of $87,040. It was sold for $15,000. Prepare the journal entry to record the sale. Debit Credit Date Accounts Dec 31, 2019 AMORTIZATION Roller Blades Inc. acquired for cash a patent for $80,000, 30 year life, and a remaining useful life of 16 years. Record the journal entry for the purchase of...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Description Date Debit...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Credit Debit Date...
prepare the journal entry to record the sale of the shelving units
Required information (The following information applies to the questions displayed below.) As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,040 cash. The shelves originally cost $7,360 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $560....
Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 sold merchandise for $7,000, with credit termen/30; invoice dated April 1. The cost of the merchandise is $4,200. Apr. 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cont $468, is returned to inventory. Apr. 8 Sold merchandise for $3,000, with credit...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was spent on a major overhaul in 2022 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $40,000. Prepare the appropriate journal entry to record the disposition 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...
Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $6,500 cash, (b) $4,000 cash, and (c) 56,700 cash. The company recorded the car as equipment. If no entry is required, leave the answer boxes blank Record sale of car Record sale of car Born calendar Record sale of car 1111 1111 III. III. DIE Record sale of car Record sale of car Pres Check My Work 2 more Check My Work...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 Sold merchandise for $6,600, with credit terms 1/30; invoice dated April 1. The cost of the merchandise is $3.960. apr. The customer in the April 1 sale returned $740 of merchandise for full credit. The merchandise, which had cost $444, is returned to inventory. Npr. 8 Sold merchandise for $2,800, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Apr. 1 Sold merchandise for $6,400, with credit terns n/30; invoice dated April 1. The cost of the merchandise is $3,840. Apr. 4 The customer in the April 1 sale returned $720 of merchandise for full credit. The merchandise, which had cost $432, is returned to inventory. Apr. 8 Sold merchandise for $2,700, with...
Journalizing Business Transactions Prepare journal entries for each of the following transactions (a) through () If transaction requires no entry, select "No entry" as the drop-down answer option a. Receive merchandise inventory costing $9,000, purchased with cash. General Journal Description Debit Credit b. Sell half of inventory in (a) for $7,500 on credit. Description Credit To record cost of inventory sold Fo 4 5 8 9 lackboard.chapman.edu/webapps/blackboard/content/contentWrapper jsp?course jde 46700 1ådisplay amesmyB Menu To record sale of merohandise c. Place...
can someone help me with this and explain how they did it?
Sale of Equipment Assume the equipment was sold on December 31, 2019 and had accumulated depreciation of $87,040. It was sold for $15,000. Prepare the journal entry to record the sale. Debit Credit Date Accounts Dec 31, 2019 AMORTIZATION Roller Blades Inc. acquired for cash a patent for $80,000, 30 year life, and a remaining useful life of 16 years. Record the journal entry for the purchase of...
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