Chan Company sells office equipment on September 30, 2011, for $20,000 cash. The office equipment originally cost
Question:
Chan Company sells office equipment on September 30, 2011, for $20,000 cash. The office equipment originally cost $72,000 and as of January 1, 2011, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2011 is $5,250. Prepare the journal entries to
(a) update depreciation to September 30, 2011, and
(b) record the sale of the equipment
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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