FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Every entry should have narrated, answer in text form please
Presented here are selected transactions for Sandhill Limited for 2024. Sandhill uses straight-line depreciation and records adjusting
entries annually.
Jan. 1
Sept. 1
Dec. 30
(a)
Sold a delivery truck for $19,080 cash. The truck cost $68,180 when it was purchased on January 1, 2021, and was
depreciated based on a four-year useful life with a $5,880 residual value.
Sold computers that were purchased on January 1, 2022. They cost $11.916 and had a useful life of three years
with no residual value. The computers were sold for $520 cash.
Retired equipment that was purchased on January 1, 2015. The equipment cost $147,500 and had a useful life of
10 years with no residual value. No proceeds were received.
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 Accumulated Depreciation-Vehicles
Debit
Credit
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Transcribed Image Text:Presented here are selected transactions for Sandhill Limited for 2024. Sandhill uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 (a) Sold a delivery truck for $19,080 cash. The truck cost $68,180 when it was purchased on January 1, 2021, and was depreciated based on a four-year useful life with a $5,880 residual value. Sold computers that were purchased on January 1, 2022. They cost $11.916 and had a useful life of three years with no residual value. The computers were sold for $520 cash. Retired equipment that was purchased on January 1, 2015. The equipment cost $147,500 and had a useful life of 10 years with no residual value. No proceeds were received. 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 Accumulated Depreciation-Vehicles Debit Credit
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