? O ? ?https://edugenwileyplus.com/edugen/student/maainfruni WileyPLUS: MyWileyp

Question

? O ? ?https://edugenwileyplus.com/edugen/student/maainfruni WileyPLUS: MyWileypus I ileyPLUS p I Contactu Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook e anment > Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION 4BACK SIGNMENT SOURCES Exercise 9-7 Thieu Co. has delivery equipment that cost $50,00 and has been depreciated s24,000. Record entries for the disposal under the following assumptions. (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.) (a) It was scrapped as having no value (c) It was sold for $20,000. No. Account Titles and Explanation py of Chapter 9 mework ssignment* Exercise 9:2 Exercise 9-5 Excecase 3-10 Essa) It was sold for $20,00 DebitCredit Exercise 9.12 Review Score Review Results by Study Objective

Explanation / Answer

Solution: No. Account Titles and Explanation Debit Credit (a) Accumulated Depreciation 24,000 Loss 26,000 Equipment 50,000 Notes: Accumulated Depreciation 24,000 Loss 26,000 [50,000 cost - 24,000 depreciated = book value 26,000 ] Equipment 50,000 cost [It was scrapped as having no value.] No. Account Titles and Explanation Debit Credit (b) Accumulated Depreciation 24,000 Cash 37,000 Gain on Disposal 11,000 Equipment 50,000 Notes: Accumulated Depreciation 24,000 Cash 37,000 Gain on Disposal 11,000 [amount received 37,000 + Accum. Depr. 24,000 - 50,000 cost = 11,000] Equipment 50,000 [It was sold for $37,000] No. Account Titles and Explanation Debit Credit (c) Accumulated Depreciation 24,000 Cash 20,000 Loss on Disposal 6,000 Equipment 50,000 Notes: Accumulated Depreciation 24,000 Cash 20,000 Loss on Disposal 6,000 [50,000 cost - amount received 20,000 - Accum. Depr. 24,000   = 6,000] Equipment 50,000 [It was sold for $20,000] Please feel free to ask if anything about above solution in comment section of the question.

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.