Whispering Corporation owns machinery that cost $22,800 when purchased on July 1, 2017. Depreciation has been...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Whispering Corporation owns machinery that cost $22,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,736 per year, resulting in a balance in accumulated depreciation of $9,576 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,970. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (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 O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) Whispering Corporation owns machinery that cost $22,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,736 per year, resulting in a balance in accumulated depreciation of $9,576 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,970. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (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 O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Name: 9. 11. Bell: Directions: Evaluate each expression using the order of operations. 1. 17-5-4+2 2. 40-32+8+5--2 Date: 5. 2018-(5+3)+7] 3.35-14+2+8 7.1+(-2-5)+(14-17)-4 25 +8+3 4+3 Unit 1: Algebra...
-
What is a work breakdown analysis and why is this concept important?
-
Pittsburgh Plastics Corporation manufactures a range of molded plastic products, such as kitchen utensils and desk accessories. The production process in the North Hills plant is a JIT system, which...
-
What is a controlling resistance? How do you determine which resistance, if either, is controlling?
-
CoffeeShop Doughnuts has current assets of $280 million; property, plant, and equipment of $430 million; and other assets totaling $170 million. Current liabilities are $170 million and longterm...
-
This is an association of an ACDBE firm and one or more other firms to carry out a single, for-profit enterprise
-
a) HSBC announced stop paying final dividend in 2020 and dividends for the first three quarters in 2021 in response to the order made by the UK regulator. Explain the rationale of the regulator. (3...
-
While the 13th Amendment outlawed most forms of slavery, it left an exception. Who was still allowed to be forced to work?
-
3) A 6.0 kg mass is connected to a 4.0 kg mass using a light string and a frictionless pulley. (see diagram). a) What is the resulting acceleration of the 6.0 kg mass when the system is released?...
-
How do i make 2 different sentences using a complex using subordinating conjunction, or complex using a relative pronoun. Alan Thorn had a compass. Alan had a map. Alan got lost during the hiking...
-
By statewide referendum, the state of Colorado passed an amendment to the Colorado State Constitution to repeal any municipal ordinances that prohibited" discrimination on the basis of "homosexual,...
-
Igor and the others hired a law firm, called Baker, Baker, Dough, LLP to defend the lawsuit from the students at the elementary school. Their lawyer Bob Dough missed getting in the Statement of...
-
Given a middle ordinate, M = 30m and an intersecting angle A = 30 for a simple curve then the minimum radius R is most likely: 300m 360m 320m 280m
-
In Exercises 516, find the focus and directrix of the parabola with the given equation. Then graph the parabola. y 2 = 4x
-
Rose Ubens, buys and sells goods. Her trial balance is presented below. Note: 1. Closing inventory is 4,000 Required: Prepare Rose Ubens, income statement for the year ended 31 December 2012 and a...
-
Paul Icasso has the following trial balance. Required: Prepare Paul Icassos trading and income statement for the year ended 31 March 2013 and a statement of financial position as at 31 March 2013. P....
-
Michael Anet has the following trial balance. Required: Prepare Michael Anets income statement for the year ended 31 December 2012 and statement of financial position as at 31 December 2012. M. Anet...
Study smarter with the SolutionInn App