Prepare journal entries to record these transactions. (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.) (a) (b) (a) Sheridan Company retires its delivery equipment, which cost $49,970. Accumulated depreciation is also $49.970 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,820 instead of 49,970. -Truthnak dadle Debit Credit 1000

Prepare journal entries to record these transactions. (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.) (a) (b) (a) Sheridan Company retires its delivery equipment, which cost $49,970. Accumulated depreciation is also $49.970 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,820 instead of 49,970. -Truthnak dadle Debit Credit 1000

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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Prepare journal entries to record these transactions. (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.) (a) (b) (a) Oriole Company retires its delivery equipment, which cost $43,190. Accumulated depreciation is also $43,190 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,130 instead of 43,190. Debit Credit 1000
Prepare journal entries to record these transactions. (a) Blue Spruce Corp. retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this delivery equipment. No salvage value is received. (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.) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer
Sheridan Company has delivery equipment that cost $56,800 and has been depreciated $24,300.Record entries for the disposal under the following assumptions. (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.) (a) It was scrapped as having no value. (b) It was sold for $36,400. (c) It was sold for $19,600.
Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Record entries for the disposal under the following assumptions. (Credit account titles are automatically Indented when amount Is Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter O for the amounts.) (a) It was scrapped as having no value. (b) It was sold for $37,200. (c) It was sold for $19,900. No. Account Titles and Explanation Debit Credit (a)
Prepare journal entries to record these transactions. (a) Echo Company retires its delivery equipment, which cost $41000. Accumulated depreciation is also $41000 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), expcept that accumulated depreciation for the equipment is $37200 instead of $41000.
At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation-buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. Purchased equipment for $2,530,000. Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. May 1 June 1 July 1 Dec. 31
a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,740 and their Accumulated Depreciation was $4,740. No residual value was received. b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,480. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A > Record the disposal of computers that had cost $4,740 and their accumulated depreciation to the date of disposal was $4,740. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 4,740 4,740
Tamarisk, Inc. has equipment that cost $79,900 and that has been depreciated $50,500. Record the disposal under the following assumptions. (a) (b) (c) It was discarded with no cash received. It was sold for $23,800. It was sold for $32,100. (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 (a) Debit Credit
The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,640 and their Accumulated Depreciation was $4,640. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,280. Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Prepare journal entries to record these transactions: ( a ) Morrell Corporation disposed of twocomputers at the end of their useful lives. The computers had cost $4,800 and their AccumulatedDepreciation was $4,800. No residual value was received. ( b ) Assume the same information as ( a ),except that Accumulated Depreciation, updated to the date of disposal, was $3,600.
Bravo Company's furnace, which has a current book value of $40,000 (original cost less than accumulated depreciation), has been destroyed. If the insurance company pays Bravo $45,000, which of the following transactions is Bravo supposed to record? Select the single best answer: A debit Cash $45,000 credit Equipment/Furnace $45,000 B. debit Cash $40,000, debit Equipment/Furnace $40,000 C credit Gain on Disposition of Equipment/Furnace $45,000, debit Cash $45,000 D. debit Equipment/Furnace $5,000 credit Equipment/Furnace $40.000, debit Cash $45,000 E credit Gain on Disposition of Equipment/Furnace $5,000 credit Equipment/Furnace $40,000; debit Cash $45.000
The information provided to you is as follows: Purchase of machinery (!/9/2019) instead of € 32,400 with cash was registered as a purchase of different materials of equal value. The result of the error was to calculate and recognize the consumption of the various materials (theentire amount of the various materials) and not to calculate the depreciation of the machines (annual depreciation 3.240 €). Correction of accounting error is carried out 1/1/2020. The correction record is requested a) if the error was found in the fiscal year (2020) and b) if the error was found in the next financial year (2021) i.e. the error while the correction entry was made in 2020 takes place on 1/1/2021.