List Of Accounts Exercise 9-10 Accounts Payable Accounts Receivable Accumulated

Question

List Of Accounts

Exercise 9-10

Accounts Payable
Accounts Receivable
Accumulated Depletion
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debts Expense
Buildings
Cash
Coal Mine
Copyrights
Cost of Goods Sold
Depletion Expense
Depreciation Expense
Equipment
Franchises
Gain on Disposal of Plant Assets
Goodwill
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Land Improvements
Loss on Disposal of Plant Assets
Maintenance and Repairs Expense
No Entry
Notes Payable
Notes Receivable
Ore Mine
Other Operating Expenses
Patents
Prepaid Insurance
Rent Revenue
Research and Development Expense
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Unearned Rent Revenue Exercise 9-10 Pryce Company owns equipment that cost $49,950 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage value of $4,000 and an estimated useful life of 5 years. Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. (If no entry is required,select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125.) (a) (b) (c) (d) Sold for $28,570 on January 1, 2015. Sold for $28,570 on May 1, 2015 Sold for $10,330 on January 1, 2015. Sold for $10,330 on Octobor 1, 2015

Explanation / Answer

Journal entry Date particlar Debit Credit 1/1/2015 Cash a/c. Dr. $28,570 Accumulated depreciation Dr. $27,570 To Cost of equipment a/c $49,950 To gain on sale a/c $6,190 (Being asset sold) 1/5/15 depreciation expenses a/c. Dr. $3,063 To Accumulated depreciation $3,063 (Being depreciation recorded) 1/5/15 Cash a/c. Dr. $28,570 Accumulated depreciation a/c. Dr. $30,633 To cost of equipment $49,950 To gain on sale $9,253 (Being asset sold) 1/1/15 Cash a/c . Dr. $10,330 Accumulated depreciation a/c. Dr. $27,570 Loss on sale a/c. Dr $12,050 To cost of equipment $49,950 (Being asset sold) 1/10/15 depreciation expense a/c . Dr. $34,463 To accumulated depreciation $34,463 (Being depreciation recorded) 1/10/15 Cash a/c. Dr. $10,330.    Accumulated depreciation Dr $34,463 Loss on sale a/c. Dr.. $5,157 To Cost of equipment a/c $49,950 (Being sale of asset)

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