Partially correct answer iconYour answer is partially correct. Oriole Corporation owns machinery that cost $23,200 when...
Partially correct answer iconYour answer is partially correct. Oriole Corporation owns machinery that cost $23,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,784 per year, resulting in a balance in accumulated depreciation of $9,744 at December 31, 2020. The machinery is sold on September 1, 2021, for $6,032. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Round answers to 0 decimal places, e.g. 5,275. 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
| No. | Account | Debit | Credit |
| a. | Depreciation expense (2784*8/12) | 1856 | |
| Accumulated depreciation - Machine | 1856 | ||
| b. | Caah | 6032 | |
| Accumulated depreciation - Machine (9744+1856) | 11600 | ||
| Loss on sale of machine | 11600 | ||
| Machine | 23200 | ||
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Partially correct answer iconYour answer is partially correct. Oriole Corporation owns machinery that cost $23,200 when...
Oriole Corporation owns machinery that cost $27,200 when purchased on July 1, 2017. Depreciation has been recorded at a...
Oriole Corporation owns machinery that cost $27,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,264 per year, resulting in a balance in accumulated depreciation of $11,424 at December 31, 2020. The machinery is sold on September 1, 2021, for $14,280. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Teal Corporation owns machinery that cost $22,000 when purchased on July 1, 2017. Depreciation has been...
Teal Corporation owns machinery that cost $22,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,640 per year, resulting in a balance in accumulated depreciation of $9,240 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,550. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (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...
Culver Corporation owns machinery that cost $20,400 when purchased on July 1, 2017. Depreciation has been...
Culver Corporation owns machinery that cost $20,400 when purchased on July 1, 2017. Depreciation has been recorded at arate of $2.448 per year, resulting in a balance in accumulated depreciation of $8,568 at December 31, 2020. The machinery is sold on September 1, 2021, for $10,710. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Stellar Corporation owns machinery that cost $26,800 when purchased on July 1, 2017. Depreciation has been...
Stellar Corporation owns machinery that cost $26,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,216 per year, resulting in a balance in accumulated depreciation of $11,256 at December 31, 2020. The machinery is sold on September 1, 2021, for $14,070. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Concord Corporation owns machinery that cost $28,800 when purchased on July 1, 2017. Depreciation has been...
Concord Corporation owns machinery that cost $28,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,456 per year, resulting in a balance in accumulated depreciation of $12,096 at December 31, 2020. The machinery is sold on September 1, 2021, for $15,120. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Bridgeport Corporation owns machinery that cost $21,600 when purchased on July 1, 2017. Depreciation has been...
Bridgeport Corporation owns machinery that cost $21,600 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,592 per year, resulting in a balance in accumulated depreciation of $9,072 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,340. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Bramble Corporation owns machinery that cost $26,000 when purchased on July 1, 2017. Depreciation has been...
Bramble Corporation owns machinery that cost $26,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,120 per year, resulting in a balance in accumulated depreciation of $10,920 at December 31, 2020. The machinery Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (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...
Cullumber Corporation owns machinery that cost $20,800 when purchased on July 1, 2014. Depreciation has been...
Cullumber Corporation owns machinery that cost $20,800 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,496 per year, resulting in a balance in accumulated depreciation of $8,736 at December 31, 2017. The machinery is sold on September 1, 2018, for $10,920. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014....
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,688 per year, resulting in a balance in accumulated depreciation of $9,408 at December 31, 2017. The machinery is sold on September 1, 2018, for $11,760 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Oriole Corporation owns machinery that cost $27,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,264 per year, resulting in a balance in accumulated depreciation of $11,424 at December 31, 2020. The machinery is sold on September 1, 2021, for $14,280. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (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...
Culver Corporation owns machinery that cost $20,400 when purchased on July 1, 2017. Depreciation has been recorded at arate of $2.448 per year, resulting in a balance in accumulated depreciation of $8,568 at December 31, 2020. The machinery is sold on September 1, 2021, for $10,710. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Stellar Corporation owns machinery that cost $26,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,216 per year, resulting in a balance in accumulated depreciation of $11,256 at December 31, 2020. The machinery is sold on September 1, 2021, for $14,070. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Concord Corporation owns machinery that cost $28,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,456 per year, resulting in a balance in accumulated depreciation of $12,096 at December 31, 2020. The machinery is sold on September 1, 2021, for $15,120. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Bridgeport Corporation owns machinery that cost $21,600 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,592 per year, resulting in a balance in accumulated depreciation of $9,072 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,340. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Bramble Corporation owns machinery that cost $26,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,120 per year, resulting in a balance in accumulated depreciation of $10,920 at December 31, 2020. The machinery Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (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...
Cullumber Corporation owns machinery that cost $20,800 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,496 per year, resulting in a balance in accumulated depreciation of $8,736 at December 31, 2017. The machinery is sold on September 1, 2018, for $10,920. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,688 per year, resulting in a balance in accumulated depreciation of $9,408 at December 31, 2017. The machinery is sold on September 1, 2018, for $11,760 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
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