Brief Exercise 9-8 Your answer is partially correct. Try again. Sandhill Co. sel

Question

Brief Exercise 9-8 Your answer is partially correct. Try again. Sandhill Co. sells office equipment on July 31, 2017, for $23,500 cash. The office equipment originally cost $75,080 and as of January 1, 2017, had accumulated depreciation of $41,850. Depreciation for the first 7 months of 2017 is $3,850 Prepare the journal entries to (a) update depreciation to July 31, 2017, 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) Depreciation Expense 3850 Accumulated Depreciation-Equipment 3850 (b) Cash 23500 Accumulated Depreciation-Equipment 23500 Loss on Disposal of Land 75080 Equipment 75080

Explanation / Answer

Cash                   23,500 Accumulated depreciation(41850+3850)                   45,700 Loss on Sale equipment(75080-23500-45700)                      5,880     Equipment                    75,080

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

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