Prepare the journal entries to record the following transactions for Cullumber Wholesale Company, which has a calendar year end and uses the straight-line method of depreciation. (a) On September 30, 2028, the company sold old equipment for $47,700. The equipment was purchased on January 1, 2026 for $99,600 and was estimated to have a $19,200 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2027. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date September 30, 2028 September 30, 2028 Account Titles and Explanation (To record depreciation expense for the first 9 months of 2028) (To record sale of delivery equipment) Debit Credit
Prepare the journal entries to record the following transactions for Cullumber Wholesale Company, which has a calendar year end and uses the straight-line method of depreciation. (a) On September 30, 2028, the company sold old equipment for $47,700. The equipment was purchased on January 1, 2026 for $99,600 and was estimated to have a $19,200 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2027. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date September 30, 2028 September 30, 2028 Account Titles and Explanation (To record depreciation expense for the first 9 months of 2028) (To record sale of delivery equipment) Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 9P: During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the...
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