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Plessis Company owns equipment that cost $65,000 when purchased on January 2, 2024. It has been depreciated using the straight-line method based on estimated residual value of $5,000 and an estimated useful life of five years. Instructions Prepare Plessis Companys

Plessis Company owns equipment that cost $65,000 when purchased on January 2, 2024. It has been depreciated using the straight-line method based on estimated residual value of $5,000 and an estimated useful life of five years. 


Instructions 

Prepare Plessis Company’s journal entries to record the sale of the equipment in these four independent situations. 

a. Sold for $31,000 on January 2, 2027 

b. Sold for $31,000 on May 1, 2027 

c. Sold for $11,000 on January 2, 2027 

d. Sold for $11,000 on October 1, 2027

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a. b. c. d. 2027 Jan. 2 Cash Accumul…View the full answer


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Related Book For  answer-question
Accounting Principles Volume 2

Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Details
Chapter # 1- Accounting in Action
Section: Exercises
Problem: 12
Posted Date: January 19, 2023 06:29:44
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit

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