Question: Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash.

Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash. (Remember: Computer equipment was deemed to have a 2 seven-year life with $1,000 salvage value ROUND MONTHLY DEPRECIATION EXPENSE TO NEAREST WHOLE DOLLAR). Can someone please give me the correct journal entry for this problem?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Calvin and his wife Susie live in Watterson, California which is a moderate sized town between Sacramento and Chico. They have been pretty successful in their financial lives over the years and own a...

I will attach the instructions as well. On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1...

\begin{tabular}{|c|c|c|c|} \hline 5. & 9/03/23 & & \begin{tabular}{l} Purchased a new reglster/computer system that cost $3,600 from \\ Office Mart for use in the business. Ms. Boone signed at...

Note Payable mentioned in 66: October 1st transaction mentioned in 67: BEGGINING FIGURES: Cash - $102,166 Computer Services Revenue - $0 Cost of goods sold - $0 CHECK FIGURES: Cash $68,186 Computer...

ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 521-545 American Accounting Association DOI: 10.2308/iace-50031 Breach of Data at TJX: An Instructional Case Used to Study COSO and COBIT, with...

-14. Rural County is an agricultural community located hundreds of miles from any metropolitan center. The County established a Television Reception Improvement Fund to serve the public interest by...

Multiple Choice: Select the Best Answer 1. To be proficient as an auditor, a person must first be able to accomplish which of these tasks in a decision-making process: a. Identify audit evidence...

CM Corporation (CMC) was founded in 2011 by Eric Conner and Phil Martin. The company designs, installs, and services security systems for high-tech companies. The founders, who describe themselves as...

With the above information I need Cash Flow on operating activities and investing activities Educore Ltd is a company that operates in the education sector, providing primary education. The following...

On 1 July 2013, Rock Ltd acquired ( ex div .) all of the issued capital of Wallaby Ltd. The recorded equity of Wallaby Ltd at this date consisted of: Share capital $120 000 General reserve 25 000...

Suppose that the following table is your record of exam grades in your Principles of Economics course: Use these data to make up a table of total, average, and marginal grades for the five exams....

Quality Painters, Inc., uses a job cost system. As of January 1, its records showed the following inventory balances; Materials Work in process $50,000 (consisting of Job 100 $30,000 and $12,000 Job...

Investor invest 40% of his wealth and risky acid with an inspector return of .17 and a variant of .08 and 60% and a T bill that pays 5% is expected portfolios return is what

Discuss the policy statement concept and identify three focus areas / procedures where a clearpolicy statement / operating procedure

Explain the interrelationship between transactional analysis, assertiveness, and conflict management styles.

Define the following 14 key terms throughout the chapter identified in bold with their definition in italic. They are listed at the end of the chapter.

List and describe three behavioral leadership theories.