Question: I need to journalize this transaction. Can someone please help Traded in the cash register we purchased in January. Calculate the depreciation to date (

I need to journalize this transaction. Can someone please help

Traded in the cash register we purchased in January. Calculate the depreciation to date ( 3/12 of a year, zero residual value and 5 year life using straight line). We received $500 trade in for this cash register. We are buying new cash register with a list price of $1,000 by issuing a note for 10% interest. Use the GAAP method of accounting for the loss on the trade in. The new register (#2) will have no residual value and be depreciated over a 5 year life.

130.1 Accumulated Depr./Paint Mixer
131 Paint Shaker
131.1 Accumulated Depr./Paint Shaker
132 Cash Register
132.1 Accumulated Depr./Cash Register
133 Cash Register
133.1 Accumulated Depr./Cash Register
134 Furniture
134.1 Accumulated Depr./Furniture
135 Fixtures
135.1 Accumulated Depr./Fixtures

ACCOUNT Cash Register #1 ACCOUNT NO. 132
Balance
Date Item P.R. Debit Credit Debit Credit
March 1 Balance 550.00

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