The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $17,000 cash. Diaz sold the machine for $34,600 cash. Diaz sold the machine for $41,200 cash. Note: Enter debit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation.
 

  1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
  2. Diaz sold the machine for $17,000 cash.
  3. Diaz sold the machine for $34,600 cash.
  4. Diaz sold the machine for $41,200 cash.
Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
Jan 01      
       
       
       
       
       

 

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