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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Rayya Company purchases a machine for $201,600 on January 1, 2021. Straight-line depreciation is taken each year for four years
assuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service.
Prepare entries to record the partial year's depreciation on July 1, 2025, and to record the sale under each separate situation. (1) The
machine is sold for $86,400 cash. (2) The machine is sold for $69,120 cash.
View transaction list
Journal entry
worksheet
1
2
Record the sale of the machinery for $86,400 cash.
3
Note: Enter debits before credits.
Date
July 01, 2025 Cash
Record entry
Accumulated depreciation-Machinery
General Journal
Machinery
Clear entry
Credit
201,600
View general journal
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- Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forwardquestion G and f.arrow_forwardWhat is the answer to d e and f?arrow_forward
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