Carter Company owns a truck that cost $51,000. Depreciation totaling $35,000 had been taken on the truck
Question:
1. Give the journal entry to record the sale.
2. Assume, instead, that the truck is sold for $17,100. Give the journal entry to record the sale.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
GENERAL JOURNAL PAGE DATE DESCRIPTION POST REF DEBIT ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Question Posted:
Students also viewed these Accounting questions
-
Sowell Company owns a truck that cost $102,000. Depreciation totaling $70,000 had been taken on the truck up to January 8, 2019, when it was sold for $28,300. 1. Give the journal entry to record the...
-
Brewton Freight Company owns a truck that cost $35,000. Currently, the trucks book value is $20,000, and its expected remaining useful life is four years. Brewton has the opportunity to purchase for...
-
Roadrunner Freight Company owns a truck that cost $42,000. Currently, the truck's book value is $24,000, and its expected remaining useful life is four years. Roadrunner has the opportunity to...
-
In Problems, assume that the populations are normally distributed and that independent sampling occurred. (a) Test the hypothesis that 1 2 at the a = 0.1 level of significance for the given sample...
-
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: a. What is owners' equity for 2007 and 2008? b. What is the change in net working capital for 2008? c. In 2008, Cabo Wabo...
-
The Jenkins Corporation, a merchandising company, wants to include the cost of operating its ware-house in the cost of inventory. The companys controller argues that the cost of the warehouse is a...
-
Consider the following cash flow profile, and assume MARR is 10 percent/year. a. What does Descartes' rule of signs tell us about the IRR(s) of this project? b. What does Norstrom's criterion tell us...
-
Cretin Enterprises uses a predetermined overhead rate of $21.40 per direct labor-hour. This predetermined rate was based on 8,000 estimated direct labor-hours and $171,200 of estimated total...
-
Commencing 1 April 2022, Morgan Landscaping Pty Ltd (morgan) provided Larissa (an employee) with the use of a Volkswagen Golf car. The car cost $55,000 (including GST) and was used privately every...
-
Randomized block design: Researchers interested in identifying the optimal planting density for a type of perennial grass performed the following randomized experiment: Ten different plots of land...
-
On January 20, 2016, Vicksburg Transportation Company purchased a new lightweight truck for $50,000. 1. Into which MACRS "class" is this asset classified? 2. What would be the amount of cost recovery...
-
On January 5, 2012, Mountain View Company purchased construction equipment for $710,500, with a useful life of six years and estimated salvage value of $100,000. The company uses the straight-line...
-
Consider the differential equation dy/dx = e -x . (a) Explain why a solution of the DE must be an increasing function on any interval of the x- axis. (b) What are What does this suggest about a...
-
Tell us about a business or nonprofit that you believe has an ethical corporate culture. If possible, provide a link to the organization's mission statement, credo, code of conduct, or statement of...
-
What would be your strategy to mitigate global risk of reoccurrence of a pandemic such as COVID using in-text citation from Business Harvard review and list of references
-
The contradictory price report is a document that will include the new items with their decomposed prices and in which it must be stated that the parties agree with these __________. Which is the...
-
Choose the correct definition of Lenders Mortgage Insurance Select one of the following Lenders Mortgage Insurance (LMI) is a one-off, non-refundable, non-transferrable premium that's added to your...
-
Special Rules : CCA for rental property Question 10 options: Separate Class For Each Rental Property With A Cost Greater Than $55,000 Separate Class For Each Rental Property With A Cost Greater Than...
-
Assume the same data as in E20.6 for LeBlanc Limited except that the $7,000 residual value is guaranteed. Instructions Answer the following, rounding all numbers to the nearest dollar. a. Calculate...
-
During the year land was revalued and the surplus reported as Revaluation surplus; and an asset costing 80,000, written down to 38,000, was sold for 40,000. Identify the cost of any non-current...
-
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general...
-
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has...
-
From the following list, identify the accounts that will appear on the post-closing trial balance. ACCOUNTS 1. Cash 2. Accounts Receivable 3. Supplies 4. Equipment 5. Accumulated Depreciation 6....
-
what type of analytical error it is Failure in reporting? Describe briefly.
-
write the code in python Example binary conversion: 22/2 11 r 0 (this remainder is the least significant binary digit) 11/2=5r1 5/2=2r1 2/2=1r0 1/2=0r1 pulling all the remainders together we get...
-
what is the nc standard for converting percent to decimals? Describe Briefly.
Study smarter with the SolutionInn App