Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250.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) Enter an account title to update depreciation to July 31 Enter a debit amount Enter a credit amount   enter an account title to update depreciation to July 31 Enter a debit amount Enter a credit amount (b) Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount   Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount   Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount   Enter an account title to record the sale of the equipment

Podey Company has a machine that originally cost $20,000, has accumulated depreciation of $14,000 at the beginning of the current year, and is being depreciated at $2,000 per year with the straight-line method. If the company sells the machine for $2,400 on September 30, it first records a depreciation expense of $500. $1,500. $3,600. $6,000.

On June 15, 2024, Perfect Furniture discarded equipment that had a cost of $8,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Jun. 15 Accumulated Depreciation-Equipment Cash Depreciation Expense-Equipment Equipment Gain on Disposal Loss on Disposal Maintenance Expenses Debit Credit

Sarasota Company sells equipment on September 30, 2022, for $20,600 cash. The equipment originally cost $73,300 and as of January 1, 2022, had accumulated depreciation of $42,100. Depreciation for the first 9 months of 2022 is $4,750. Prepare the journal entries to (a) update depreciation to September 30, 2022, and (b) record the sale of the equipment. (List all debit entries before credit entries. 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 O for the amounts.) No. Account Titles and Explanation (a) (b) Debit 11 Credit

Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $22,300. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $4,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $10,100 cash, (b) S7,700 cash, and (c) $11,200 cash. The company recorded the car as equipment.

Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation.     Debit Credit Dec 31 ? 40,000            ?   40,000

Cadillac Construction Company uses the retirement method to determine depreciation on its small tools. During 2019, the first year of the company’s operations, tools were purchased at a cost of $8,000. In 2021, tools originally costing $2,000 were sold for $250 and replaced with new tools costing $2,500.Required:1. Prepare journal entries to record each of the above transactions.2. Repeat requirement 1 assuming that the company uses the replacement depreciation method instead of the retirement method.

Chuck Company purchases performs a major inspection on its machinery on 1 January 20X4 for $137,000. The company uses the straight-line method of depreciation. The company performs major inspections every 5 years.   The bookkeeper erroneously expenses the entire amount to repairs and maintenance.   The error is discovered at the end of 20X5.   Required: Prepare the journal entry required in 20X5

Presented here are selected transactions for Cullumber Limited for 2024. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sold a delivery truck for $19.190 cash. The truck cost $67,530 when it was purchased on January 1, 2021, and was depreciated based on a four-year useful life with a $6,290 residual value. Sept. 1 Dec. 30 Sold computers that were purchased on January 1, 2022. They cost $11,628 and had a useful life of three years with no residual value. The computers were sold for $540 cash. Retired equipment that was purchased on January 1, 2015. The equipment cost $146,400 and had a useful life of 10 years with no residual value. No proceeds were received. Show Transcribed Text Gain on Disposal Vehicles Assume that, when the delivery truck was sold on January 1, the accountant only recorded a debit to Cash and a credit to Gain on Disposal. Because of this, also assume that the accountant recorded depreciation on this asset for 2024. What…

A motor van was bought on 1st January 2018 for $10,000 The policy is to depreciate the motor van at 20% on straight line method     Required: Calculate the annual depreciation for the years ended 31st December 2018, 2019 and 2020.  Show the following accounts for the three years Motor vehicles account.  Accumulated depreciation account.