Homework Answers
a) Journal entry
| No | Account title and explanation | Debit | Credit |
| a | Cash | 33000 | |
| Accumulated depreciation-Machine | 36960 | ||
| Gain on sale of machine | 3960 | ||
| Machine | 66000 |
b) Journal entry
| No | Account title and explanation | Debit | Credit |
| b | Cash | 19800 | |
| Accumulated depreciation-Machine | 36960 | ||
| Loss on sale of machine | 9240 | ||
| Machine | 66000 |
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Martinez Company has an old factory machine that cost $66,000. The machine has accumulated depreciation of...
Bramble Company has an old factory machine that cost $59,750. The machine has accumulated depreciation of...
Bramble Company has an old factory machine that cost $59,750.
The machine has accumulated depreciation of $33,460. Bramble has
decided to sell the machine. (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.)
(a)
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(b)
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Bramble Company has an old factory machine that cost $59,750.
The machine has accumulated depreciation of $33,460. Bramble has
decided to sell the machine. (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.)
(a)
What entry would Bramble make to record the sale of the machine
for $29,875 cash?
(b)
What entry would Bramble make to record...
Flounder Manufacturing has old equipment that cost $53,000. The equipment has accumulated depreciation of $28,100. Flounder has decided to sell 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 for the amounts.) (a) What entry would Flounder make to record the sale of the equipment for $31,000 cash? (b) What entry would Flounder make to record the sale of...
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Pearl Company traded a used welding machine (cost $9,720, accumulated depreciation $3,240) for office equipment with an estimated fair value of $5,400. Pearl also paid $3,240 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (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.) Account Titles and Explanation Debit...
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