FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:**Brief Exercise 9-08**
Blossom Company sells office equipment on July 31, 2022, for $23,050 cash. The office equipment originally cost $85,450 and as of January 1, 2022, had accumulated depreciation of $39,450. Depreciation for the first 7 months of 2022 is $4,410.
Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of 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 0 for the amounts.)*
| No. | Account Titles and Explanation | Debit | Credit |
|-----|--------------------------------|-------|--------|
| (a) | | | |
| | | | |
| (b) | | | |
| | | | |
*Click if you would like to Show Work for this exercise.*
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