On 12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift.
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On 12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction.
The accounting period ends on 12/31/17
Required:
Record this adjusting entry?
Expert Answer:
Record following entries on respective dates There are two ways of Recording this Journal Entry ... View the full answer
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