Brief Exercise 9-08 Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as of January 1, 2022, had accumulated depreciation of $38,300. Depreciation for the first 7 months of 2022 is $3,500.Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (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.) No. Account Titles and Explanation Debit Credit (a) Enter an account title to update depreciation to July 31   Enter a debit amount   Enter a credit amount     enter an account title to update depreciation to July 31   Enter a debit amount   Enter a credit amount   (b) Enter an account title to record the sale of the equipment   Enter a debit amount   Enter a credit amount     Enter an account title to record the sale of the equipment   Enter a debit amount   Enter a credit amount     Enter an account title to record the sale of the equipment   Enter a debit amount   Enter a credit amount     Enter an account title to record the sale of the equipment   Enter a debit amount   Enter a credit amount       Click if you would like to Show Work for this question:

Question

Brief Exercise 9-08

Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as of January 1, 2022, had accumulated depreciation of $38,300. Depreciation for the first 7 months of 2022 is $3,500.

Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (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.)

No.
Account Titles and Explanation
Debit
Credit
(a)
Enter an account title to update depreciation to July 31
 
Enter a debit amount
 
Enter a credit amount
 
 
enter an account title to update depreciation to July 31
 
Enter a debit amount
 
Enter a credit amount
 
(b)
Enter an account title to record the sale of the equipment
 
Enter a debit amount
 
Enter a credit amount
 
 
Enter an account title to record the sale of the equipment
 
Enter a debit amount
 
Enter a credit amount
 
 
Enter an account title to record the sale of the equipment
 
Enter a debit amount
 
Enter a credit amount
 
 
Enter an account title to record the sale of the equipment
 
Enter a debit amount
 
Enter a credit amount
 
 

 

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