4. On July 31, 2021, Cheesecake Factory Restaurant Company sold ice cream equipment for $39,100. The equipment was originally purchased for $75,960, had no salvage value, and a useful life of 10 years. Cheesecake Factory uses straight-line depreciation and accumulated depreciation on Dec. 31, 2020 totaled $45,576. No journal entries have been made for depreciation in 2021. 1. Record the journal entry to update depreciation 2. Record the journal entry to record the sale of the equipment. Account Name Debit Credit 1 2
4. On July 31, 2021, Cheesecake Factory Restaurant Company sold ice cream equipment for $39,100. The equipment was originally purchased for $75,960, had no salvage value, and a useful life of 10 years. Cheesecake Factory uses straight-line depreciation and accumulated depreciation on Dec. 31, 2020 totaled $45,576. No journal entries have been made for depreciation in 2021. 1. Record the journal entry to update depreciation 2. Record the journal entry to record the sale of the equipment. Account Name Debit Credit 1 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
4. On July 31, 2021, Cheesecake Factory Restaurant Company sold ice cream equipment for $39,100. The equipment was originally purchased for $75,960, had no salvage value, and a useful life of 10 years. Cheesecake Factory uses straight-line
1. Record the
2. Record the journal entry to record the sale of the equipment.
Account Name | Debit | Credit | |
1 | |||
2 | |||
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education