1.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if nothing is received from disposal.
2.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.
3.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.
4.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.
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Loose Leaf for Financial Accounting: Information for Decisions
- Diaz Company owns a machine that cost $126,600 and has accumulated depreciation of $90,500. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,400 cash. 3. Diaz sold the machine for $36,100 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet 2 3 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry View general journalarrow_forwardDiaz Company owns a machine that cost $126,300 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $17,000 cash. Diaz sold the machine for $34,600 cash. Diaz sold the machine for $41,200 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01arrow_forwardDiaz Company owns a machine that cost $125,400 and has accumulated depreciation of $90,900. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.2. Diaz sold the machine for $17,500 cash.3. Diaz sold the machine for $34,500 cash.4. Diaz sold the machine for $41,300 cash. Journal entry worksheetarrow_forward
- iaz Company owns a machine that cost $250,000 and has accumulated depreciation of 182,000. Prepare the entry to record the disposal of the machine on January 1 in each eparate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash. View transaction list View journal entry worksheet No 1 2 Date January 01 January 01 General Journal No Transaction Recorded No Transaction Recorded Debitarrow_forwardDlaz Company owns a machine that cost $126,300 and has accumulated depreciation of $94,400. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,000 cash. 3. Dlaz sold the machine for $31,900 cash. 4. Diaz sold the machine for $41,100 cash. View transaction list ces Journal entry worksheet 1 3 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Debit Credit Date General Journal Jan 01 MacBook Airarrow_forwardDlaz Company owns a machine that cost $126,300 and has accumulated depreciation of $94,400. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,000 cash. 3. Dlaz sold the machine for $31,900 cash. 4. Diaz sold the machine for $41,100 cash. O Answer is not complete. No Dato General Journal Debit Credit Jan 01 Accumulated depreciationMachine 94,400 O Loss on disposal of machine 31,900 O Vehicles 126,300 O Cash 17,000 O 2 Jan 01 94,400 14,900 O Accumulited idepreciationMachine Loss on disposal of machine 126,300 O 31,900 O 3 Jan 01 Cush 94,400 O Acalimulatid depreduti onManhine 126,300 O 41,100 O Jen 01 Cash 4 5 of 7 Next > Prev MacBook Airarrow_forward
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