Gunkelson Company sells equipment on September 30, 2020, for $18,000 cash. The equipment originally cost $72,000 and
Question:
Gunkelson Company sells equipment on September 30, 2020, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2020, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2020 is $5,250. Prepare the journal entries to
(a) Update depreciation to September 30, 2020,
(b) Record the sale of the equipment.
Step by Step Answer:
a Depreciation Expense 5250 Accumulated Depreciation x Equ...View the full answer
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
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
Students also viewed these Business questions
-
Gunkelson Company sells equipment on September 30, 2014, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2014, had accumulated depreciation of $42,000. Depreciation for...
-
Gunkelson Company sells equipment on September 30, 2015, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2015, had accumulated depreciation of $42,000. Depreciation for...
-
Gunkelson Company sells equipment on September 30, 2017, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2017, had accumulated depreciation of $42,000. Depreciation for...
-
SQL database the yellow box is the Order data mentioned in the Q CoursHeroTranscribedText Orders (cust, date, proc, memory, hd, od, quant, price) Exercise 7.4: In Exercise 6.1 we spoke of PC-order...
-
Balance sheet information of Pop and Son Corporations at December 31, 2015, is summarized as follows (in thousands): On January 2, 2016, Pop purchases 80 percent of Son's outstanding shares for...
-
On April 1, Catherine's employer provided her with a $100,000 loan at an annual interest rate of 5%. Assume that the prescribed interest rate was 3% for the year. If Catherine paid interest on the...
-
A construction engineer has to inspect 5 construction sites in a 2-day inspection schedule. He may or may not be able to visit these sites in two days. He will not visit any site more than once. (a)...
-
If five people from the same organization calculated manufacturing cycle efficiency for one specific process, would each compute the same MCE? Why or why not?
-
1. "The Greenhouse effect is a natural phenomenon*. Briefly explain 2. Using the greenhouse effect, explain how the burning of fossil fuels contribute to global warming 3. Briefly outline TWO...
-
Suppose that a data file contains a sequence of 8-bit characters such that all 256 characters are about equally common: the maximum character frequency is less than twice the minimum character...
-
On January 1, 2020, the Morgantown Company ledger shows Equipment $32,000 and Accumulated DepreciationEquipment $9,000. The depreciation resulted from using the straight-line method with a useful...
-
Campanez Company purchases a patent for $140,000 on January 2, 2020. Its estimated useful life is 10 years. a. Prepare the journal entry to record amortization expense for the first year. b. Show how...
-
You have a sample of gas in a flask with a volume of 250 mL. At 25.5C, the pressure of the gas is 360 mm Hg. If you decrease the temperature to 5.0C, what is the gas pressure at the lower temperature?
-
Give three reasons why an organization may support projects that do not have high-profit margins, also explain. Discuss how project selection might be different in an agile versus a plan-driven or...
-
What ethical considerations and accountability mechanisms should leaders integrate into their vision communication strategies to ensure transparency, inclusivity, and alignment with organizational...
-
If f(t) is periodic of period 2 such that f(t)= Then F(5) = ............ 3,0t <1 0, 1
-
Jones Inc. needs to make a decision under uncertainty. Given the information below evaluate their options. Alternatives Favourable market Average market Unfavourable market Large machine $ 137,500 $...
-
A $1,000 par value bond is issued with a 6 percent coupon rate and a 5-year maturity. If the bond is priced to yield 7.75 percent per year, what is its price? Assume semi-annual coupon payments.
-
Apply the Friedman test to the accompanying table of data to determine whether we can conclude that at least two population locations differ. (Use α = .10.) Treatment Block 2 3 12 10 15...
-
Draw two scatterplots, one for which r = 1 and a second for which r = 21.
-
The post-closing trial balances of two proprietorships on January 1, 2010, are presented below. Patrick and Samuelson decide to form a partnership, Pasa Company, with the following agreed upon...
-
At the end of its first year of operations on December 31, 2010, CNU Companys accounts show the following The capital balance represents each partners initial capital investment. Therefore, net...
-
The partners in New Yorker Company decide to liquidate the firm when the balance sheet shows the following The partners share income and loss 5 : 3 : 2. During the process of liquidation, the...
-
How do the resource descriptions (typing) used in the Incident Command System lead to a more effective response?
-
A company incurs $4172000 of overhead each year across three departments: Ordering and Receiving, Mixing, and Testing. The company prepares 2000 purchase orders, works 50000 mixing hours, and...
-
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory March 14 March 15 July 30 Sales Purchase Sales...
Study smarter with the SolutionInn App