[The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. kercise 7-17A Part 2 - Assume the tractor was sold for $8,800 instead of $13,400. Record the sale. (Ilf no entry is required for a particular ransaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Equipment Prepaid Insurance Next > arch Designed by A n Caloma Asembed in China

[The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. kercise 7-17A Part 2 - Assume the tractor was sold for $8,800 instead of $13,400. Record the sale. (Ilf no entry is required for a particular ransaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Equipment Prepaid Insurance Next > arch Designed by A n Caloma Asembed in China

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Description: [The following information applies to the questions displayed below.]Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recordededepreciation using the straight-line method, a five-year serv

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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[The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next > search Designed by Apole in Cafomia Assembled in Chna
! Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $37,000 and sold it three years later for $18,800. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $11,800 instead of $18,800. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
es Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years later for $16,700. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $1,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $10,300 instead of $16,700. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry 2 Prey Debit Credit View general journal Sc of 7 HH www Next
Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $37,000 and sold it three years later for $18,800. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. Required: Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. \table[[Transaction,General Journal,Deblt,Credit],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $8,800 instead of $13,400. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cash Accumulated Depreciation Loss Equipment
Abbott Landscaping purchased a tractor at a cost of $42,000 and sold it three years later for $21,600. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors are included in the Equipment account.Required:1. Record the sale.2. Assume the tractor was sold for $13,600 instead of $21,600. Record the sale.
Strawberry Fields purchased a tractor at a cost of $39,000 and sold it two years later for $25,600. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $7,000 residual value. 1. What was the gain or loss on the sale? 2. Record the sale. Mc Sraw Hill Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was the gain or loss on the sale? on sale 1 of 31 Next >
Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account Field.) View transaction list Journal entry worksheet 1 > Record the sale of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cash Accumulated Depreciation Loss Equipment
Required information (The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192.000 cash on Jonuary 2. On January 3, Onslow paid $8,000 to wire electricity to the machine, Onslow pald an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have o $23,040 salvoge value. Straight-line depreclation is used. On December 31, at the end of its fifth year in operations, It is disposed of. 3. Prepere journal entries to record the machine's disposal under each separate situation: (0) It is sold for $20,000 cosh and (b) it is sold for $80,000 cash. View transaction list Journal entry worksheet Record the sale of the used machine for $20,000 cash. Note Enter debits bafore credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general jourmal
A company purchased a piece of farm equipment at a cost of $38,000 and sold it two years later for $25,300. Assume that depreciation is calculated using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? _________ on sale _____________ 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Assume a company purchased a forklift on May 2, 20Y6 for $23,000. The residual value of the forklift is $500 and the estimated useful life is 10 years. The company uses the straight-line method to depreciate the forklift. What is the net book value of the forklift as of December 31, 20Y6? Please explain your answer and show your work. (4) Suppose the same company sells the forklift on November 1, 20Y9 for $14,000. What is the net book value on the day of the sale? Please explain your answer and show your work.
Swann Company sold a delivery truck on April 1, Year 5. Swann had acquired the truck on January 1, Year 1, for $44,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. Swann uses the straight-line method of depreciation. At December 31, Year 4, the truck had a book value of $11,200. 1a. Prepare the necessary journal entries on April 1, Year 5 to record:1. Depreciation expense of the delivery truck for Year 52. The sale of the truck, assuming it sold for $10,600