Sheffield Company has an old factory machine that cost $ 57,000 . The machine has accumulated depreciation
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Question:
Sheffield Company has an old factory machine that cost $57,000. The machine has accumulated depreciation of $31,920. Sheffield has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(a) | What entry would Sheffield make to record the sale of the machine for $28,920 cash? | |
(b) | What entry would Sheffield make to record the sale of the machine for $18,920 cash? |
No. | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
(a) | enter an account title to record the first transaction | enter a debit amount | enter a credit amount |
enter an account title to record the first transaction | enter a debit amount | enter a credit amount | |
enter an account title to record the first transaction | enter a debit amount | enter a credit amount | |
enter an account title to record the first transaction | enter a debit amount | enter a credit amount | |
(b) | enter an account title to record the second transaction | enter a debit amount | enter a credit amount |
enter an account title to record the second transaction | enter a debit amount | enter a credit amount | |
enter an account title to record the second transaction | enter a debit amount | enter a credit amount | |
enter an account title to record the second transaction | enter a debit amount | enter a credit amount |
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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