On January 1, 2020, Techno Company sold a machine for RO15,000 cash. The Machine originally cost RO 56,000. As of January 1, 2020, it had accumulated depreciation of RO 35,000. Prepare the journal entry to record the sale of the Machine

On January 1, 2020, Techno Company sold a machine for RO15,000 cash. The Machine originally cost RO 56,000. As of January 1, 2020, it had accumulated depreciation of RO 35,000. Prepare the journal entry to record the sale of the Machine

Name: On January 1, 2020, Techno Company sold a machine for RO15,000 cash.
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: On January 1, 2020, Techno Company sold a machine for RO15,000 cash. The Machine originally cost RO 56,000.As of January 1, 2020, it had accumulated depreciation of RO 35,000. Prepare the journal entry to record the salesof the Machine

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 10E: Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual...

See similar textbooks

Similar questions

On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation.
On January 1, 2020, Techno Company sold a machine for RO15,000 cash. The Machine originally cost RO 56,000. As of January 1, 2020, it had accumulated depreciation of RO 35,000. Prepare the journal entry to record the sales of the Machine Select one: О. 15,000 35,000 Cash Accumulated Depreciation Loss on disposal of Machine Machine 6,000 56,000 O b. Accumulated Depreciation 35,000 Equipment 35,000 O c. Truck 56,000 直。 كتب هنا ل لبحث
On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Note: Enter debits before credits. Date Dec. 29 General Journal Debit Credit
On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Swifty Company sells equipment on September 30, 2022, for $21,000 cash. The equipment originally cost $73,600 and as of January 1, 2022, had accumulated depreciation of $42,300. Depreciation for the first 9 months of 2022 is $5,250.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 0 for the amounts.)
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
On January 1, 2020, Mustafa Sultan Company sold printer for RO10,000 cash. The printer originally cost RO 35,000. As of January 1, 2020, it had accumulated depreciation of RO 32,000. Prepare the journal entry to record the sales of the printer Select one: O a. Truck 35,000 Gain on disposal of truck 7,000 cash 10,000 Accumulated Depreciation 32,000 O b. 35,000 Accumulated Depreciation Equipment 35,000 C. Accumulated Depreciation 32,000 ill lis iSI 直 0
On December 31, 2020, Ehrlich Inc. has a machine with a book value of $260,000. The original cost of the machine is $980,000.Depreciation is computed at $72,000 per year on a straight-line basis. On June 1, 2021, Ehrlich sold the machine for $300,000. Prepare the journal entries to update the book value of the machine and record the sale.
Circle cellar sells equipment on June 1 2021 for $695,000 cash. Circle incurred 4000 of removal and selling costs on disposal. The equipment cost $1,250,000 when it was purchased on january 2, 2018. Its estimated residual value and useful life were $200000 and 10 years respectively. cirlce uses straight line depreciation, and records annual depreciation on each december 31. Prepare the journal ENTRIES needed to record the asset disposal on june 1, 2021
Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale.
n 2020, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $19,600 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $43,500 and related accumulated depreciation of $7,250. The furniture was estimated to have a six-year life and a $8,268 trade-in value. The invoice for the exchange showed these items: Price of the furniture (equal to its fair value) $ 50,100 Trade-in allowance (30,500 ) Total paid in cash $ 19,600 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month). Required:Prepare journal entries to record the transactions. 1) Record the exchange 2) Record the depreciation
Vaughn Corporation owns machinery that cost $26,000 when purchased on July 1, 2021. Depreciation has been recorded at a rate of $3,120 per year, resulting in a balance in accumulated depreciation of $10,920 at December 31, 2025. The machinery is sold on September 1, 2026, for $6,760. Prepare journal entries to (a) update depreciation for 2026 and (b) record the sale. (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. List all debit entries before credit entries.) No. Account Titles and Explanation (a) (b) Debit Credit