Here are selected 2022 transactions of Oriole Company. Jan. 1 June 30 Dec. 31 Retired a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Here are selected 2022 transactions of Oriole Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $43,500 and had a useful life of 3 years with no salvage value. The computer was sold for $6,700 cash. Sold a delivery truck for $10,000 cash. The truck cost $33,900 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Oriole Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.) Date Jan. 1 Jan. 1 Account Titles and Explanation Debit Credit Here are selected 2022 transactions of Oriole Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $43,500 and had a useful life of 3 years with no salvage value. The computer was sold for $6,700 cash. Sold a delivery truck for $10,000 cash. The truck cost $33,900 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Oriole Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.) Date Jan. 1 Jan. 1 Account Titles and Explanation Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Here are the journal entries for the selected transactions of Oriole Company Jan 1 ... View the full answer
Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
Posted Date:
Students also viewed these accounting questions
-
ook at the following class declaration: Class Student { Public virtual void Message() { MeassageBox.Show("I'm a student."); } } Class Grad: Student { Public override void Message() {...
-
What are the primary drivers of employee engagement, and how do they correlate with retention rates across different industries ?
-
What type of communication is happening when technology is used to send messages to a large, mixed audience? Discuss
-
The insurance company Helmet is considering acquiring BeSafe, a life insurance company. According to BeSafes most recent financial statements, its loss ratio stands at 0.9, and its expense ratio...
-
Let A denote the event of turning on your cell phone and finding that it works, and let B denote the event of turning on your car radio and finding that it works. Are events A and B independent or...
-
Let n be odd, and let X = (X1, . . . , Xn) be a sample of size n from some distribution. Suppose that we wish to use the nonparametric bootstrap to estimate some feature of the sample median. Compute...
-
If you were the president of an independent (nonprofit) college or university, what things would you consider in making a decision on a possible tuition increase, which might enhance your bottom line...
-
University endowments are financial assets that are donated by supporters to be used to provide income to universities. There is a large discrepancy in the size of university endowments. The...
-
Under Armour, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share data) December 31, December 31, 2016 2015 Assets Current assets Cash and cash equivalents Accounts...
-
HOW THE INTERNET AND SOCIAL MEDIA IS AFFECTING THE ROLES OF U.S. TELEVISION, RADIO, NEWSPAPERS, AND MAGAZINES AS GATEKEEPERS? how does the Agenda setting theory relate to the question mentioned above?
-
BB Corporation uses material "A-B" to produce a product "Abab. The material is purchased in two-ton container at a cost of P50,000 per ton. A supplier offered a discount term of 5/10, n/30 and...
-
How would Walmart's break even point change by using robots rather than hourly employees?
-
1.The Richardson Oil Company is considering issuing additional debt. They wish to use the yield on their existing debt as a guide to the cost of new debt. They currently have a zero-coupon bond...
-
Calculate this integral. Show and annotate the various steps in the process. (6) 23 -dx +22 Calculate this integral. Show and annotate the various steps in the process. (6) (9-12)dx
-
1. Chiyutu plans to retire from teaching at the end of 2025 and starts a business of his own. He decided to deposit starting 2022 for P50,000, 2023 for P60,000, 2024 for P75,000 and 2025 P100,000....
-
A bag contains 7 red marbles, 9 white marbles and 5 blue marbles. You draw 4 marbles randomly, without replacement. What is the probability exactly two of the marbles are red?
-
If the amplifier indicated by the box input impedance of oo, which of the following statements are true ? has an open loop gain as well as Feedback factor (\beta = 1/ R_1\) The feedback is voltage...
-
Tektronix, Inc., an Oregon-based MNE, manufactures scientific instruments. Jerry Davies, Treasurer, needs to choose an instrument to hedge a \( 2,000,000\) sale to Siemens in Germany, with payment...
-
Call Options on British Pounds (Option.xls) The set of assumptions used throughout the second half of this chapter assumed a spot rate of \(\$ 1.70 / \), a 90 -day maturity, U.S. dollar and British...
-
Jos Ballini is a currency trader and speculator for Bozano Simonsen, one of the largest investment banking firms in So Paulo. The current spot rate is \(\mathrm{R} \$ 1.7800 / \$\), and the 360 -day...
Study smarter with the SolutionInn App