Hi there, How do I write the journal entires for this question? Thanks

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi there,

How do I write the journal entires for this question?

Thanks

Record the above transactions. (List all debit entries before credit entries. 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 account titles and enter O for the amounts.)
Date Account Titles and Explanation
Jan. 1
Sept. 1
1
Dec. 30
30
(To record depreciation expense)
(To record the sale of equipment for cash)
(To record depreciation expense)
(To record the retirement of equipment)
Debit
100000
Credit
[[
Transcribed Image Text:Record the above transactions. (List all debit entries before credit entries. 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 account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1 Sept. 1 1 Dec. 30 30 (To record depreciation expense) (To record the sale of equipment for cash) (To record depreciation expense) (To record the retirement of equipment) Debit 100000 Credit [[
Presented here are selected transactions for Wildhorse Limited for 2021. Wildhorse uses straight-line depreciation and records
adjusting entries annually.
Jan. 1
Sept. 1
Dec. 30
Sold a delivery truck for $17,460 cash. The truck cost $56,990 when it was purchased on January 1, 2018, and was
depreciated based on a four-year useful life with a $5,870 residual value.
Sold computers that were purchased on January 1, 2019. They cost $10,422 and had a useful life of three years with
no residual value. The computers were sold for $550 cash.
Retired equipment that was purchased on January 1, 2012. The equipment cost $160,800 and had a useful life of 10
years with no residual value. No proceeds were received.
Transcribed Image Text:Presented here are selected transactions for Wildhorse Limited for 2021. Wildhorse uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $17,460 cash. The truck cost $56,990 when it was purchased on January 1, 2018, and was depreciated based on a four-year useful life with a $5,870 residual value. Sold computers that were purchased on January 1, 2019. They cost $10,422 and had a useful life of three years with no residual value. The computers were sold for $550 cash. Retired equipment that was purchased on January 1, 2012. The equipment cost $160,800 and had a useful life of 10 years with no residual value. No proceeds were received.
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