Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $94,500. Prepare the...
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Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $94,500. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,300 cash. 3. Diaz sold the machine for $30,900 cash. 4. Diaz sold the machine for $41,300 cash. Answer is complete but not entirely correct. No Date General Journal Credit Accumulated depreciation-Machine Loss on disposal of machine: Machine 125,400 Accumulated depreciation-Machine Loss on disposal of machine Cash Machine 125,400 Accumulated depreciation-Machine Cash Machine 125,400 Accumulated depreciation-Machine Cash Machine 125,400 Gain on sale of machine 10,400 1 2 3 4 Jan 01 Jan 01 Jan 01 Jan 01 000 **** 000 0000 Debit 94,500 30,900 94,500 17,300 13,600 94,500 30,900 94,500 41,300 10 ces View transaction list Journal entry worksheet < 2 Record the sale of the machine for $17,300 cash. Note: Enter debits before credits. Date General Journal Jan 01 Accumulated depreciation-Machine Loss on disposal of machine Cash Machine Record entry Clear entry Debit 94,500 17,300 13,600 Credit 125,400 View general Journal Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $94,500. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,300 cash. 3. Diaz sold the machine for $30,900 cash. 4. Diaz sold the machine for $41,300 cash. Answer is complete but not entirely correct. No Date General Journal Credit Accumulated depreciation-Machine Loss on disposal of machine: Machine 125,400 Accumulated depreciation-Machine Loss on disposal of machine Cash Machine 125,400 Accumulated depreciation-Machine Cash Machine 125,400 Accumulated depreciation-Machine Cash Machine 125,400 Gain on sale of machine 10,400 1 2 3 4 Jan 01 Jan 01 Jan 01 Jan 01 000 **** 000 0000 Debit 94,500 30,900 94,500 17,300 13,600 94,500 30,900 94,500 41,300 10 ces View transaction list Journal entry worksheet < 2 Record the sale of the machine for $17,300 cash. Note: Enter debits before credits. Date General Journal Jan 01 Accumulated depreciation-Machine Loss on disposal of machine Cash Machine Record entry Clear entry Debit 94,500 17,300 13,600 Credit 125,400 View general Journal
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The journal entry will be Date Explanation Dr Cr Cash Accumulated Depreciation Machine To record t... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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