Presented below are selected transactions at Tamarisk Company for 2020. Jan 1 June 30 Dec. 31...
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Presented below are selected transactions at Tamarisk Company for 2020. Jan 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £60,000 on that date. It had a useful life of 10 years with no residual value. Date Sold a computer that was purchased on January 1, 2017. The computer cost £35,000. It had a useful life of 5 years with no residual value. The computer was sold for £13,000. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tamarisk Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Discarded a delivery truck that was purchased on January 1, 2016. The truck cost £33,000. It was depreciated based on a 6-year useful life with a £3,000 residual value. Jan. 1 O June 30 June 30 O Dec 31 0 Dec. 31 0 Accumulated Depreciation Equipment Equipment Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash Accumulated Depreciation Equipment Equipment (To record the sale of equipment) Depreciation Expense Accumulated Depreciation Equipment (To record depreciation) Loss on Disposal of Plant Assets Debit 60.000 13,000 Credit 60.000 11 11 Presented below are selected transactions at Tamarisk Company for 2020. Jan 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £60,000 on that date. It had a useful life of 10 years with no residual value. Date Sold a computer that was purchased on January 1, 2017. The computer cost £35,000. It had a useful life of 5 years with no residual value. The computer was sold for £13,000. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tamarisk Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Discarded a delivery truck that was purchased on January 1, 2016. The truck cost £33,000. It was depreciated based on a 6-year useful life with a £3,000 residual value. Jan. 1 O June 30 June 30 O Dec 31 0 Dec. 31 0 Accumulated Depreciation Equipment Equipment Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash Accumulated Depreciation Equipment Equipment (To record the sale of equipment) Depreciation Expense Accumulated Depreciation Equipment (To record depreciation) Loss on Disposal of Plant Assets Debit 60.000 13,000 Credit 60.000 11 11
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Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
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