FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Sunland Company sells equipment on March 31, 2024, for $34,445 cash. The equipment was purchased on January 5, 2021, at a
of $83,500, and had an estimated useful life of five years and a residual value of $3,300. Sunland Company uses straight-line
depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31.
(a)
Prepare the journal entry to update depreciation to March 31, 2024. (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.
debit entry before credit entry.)
Date Account Titles
Mar. 31
Debit
Credit
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Transcribed Image Text:Sunland Company sells equipment on March 31, 2024, for $34,445 cash. The equipment was purchased on January 5, 2021, at a of $83,500, and had an estimated useful life of five years and a residual value of $3,300. Sunland Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31. (a) Prepare the journal entry to update depreciation to March 31, 2024. (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. debit entry before credit entry.) Date Account Titles Mar. 31 Debit Credit
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