Plessis Company owns equipment that cost $65,000 when purchased on January 2, 2021. It has been depreciated
Question:
Plessis Company owns equipment that cost $65,000 when purchased on January 2, 2021. 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, 2024
b. Sold for $31,000 on May 1, 2024
c. Sold for $11,000 on January 2, 2024
d. Sold for $11,000 on October 1, 2024
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Step by Step Answer:
a 2024 Jan 2 Cash 31000 Accumulated Depreciation x Equipment ...View the full answer
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Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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