Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited. To prepare: The entry to record disposal of machinery if nothing is received from disposal.

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Answer 1

Question

Chapter 8, Problem 16E

1.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if nothing is received from disposal.

2.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.

3.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.

4.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

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ces Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $93,300. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $15,700 cash. 3. Diaz sold the machine for $33,600 cash. 4. Diaz sold the machine for $40,600 cash. View transaction list Journal entry worksheet 2 3 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. > P Notification Suggestions Turn off notifications from Se We noticed you haven't open

Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,300 cash. 3. Diaz sold the machine for $32,900 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet 3 Record the sale of the machine for $40,400 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal

Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,700. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,100 cash. 3. Diaz sold the machine for $32,600 cash. 4. Diaz sold the machine for $40,800 cash. View transaction list Journal entry worksheet 1 2 3 Date January 01 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. 4 General Journal Debit Credit >

Answer 2

Question

Chapter 8, Problem 16E

1.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if nothing is received from disposal.

2.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.

3.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.

4.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 16E

1.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if nothing is received from disposal.

2.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.

3.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.

4.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 16E

1.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if nothing is received from disposal.

2.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.

3.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.

4.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 16E

1.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if nothing is received from disposal.

2.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.

3.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.

4.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

Answer 6

Chapter 8, Problem 16E

1.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if nothing is received from disposal.

Answer 7

Chapter 8, Problem 16E

1.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if nothing is received from disposal.

Answer 8

2.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.

Answer 9

2.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.

Answer 10

3.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.

Answer 11

3.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.

Answer 12

4.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

Answer 13

4.

Summary Introduction

Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.

To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - Prob. 7DQ Ch. 8 - Prob. 8DQ Ch. 8 - Identify events that might lead to disposal of a...Ch. 8 - Prob. 10DQ

Solution Summary: The author explains that journal entries are recording of non-economic & economic transactions of a business in the books of accounts.

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Chapter 8 Solutions