Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

#25 please help Question 25 of 30 -710 III View Policies Current Attempt In Progress Zimmer Company sold the following two machines in 2021 Machine

#25
please help image text in transcribed
image text in transcribed
image text in transcribed
Question 25 of 30 -710 III View Policies Current Attempt In Progress Zimmer Company sold the following two machines in 2021 Machine A Machine Cost $76.000 $80.000 Purchase date 7/1/17 1/1/18 Useful life 8 years 5 years Salvage value $4.000 Depreciation method Straight-line $4,000 Double-declining balance 8/1/21 Date sold 7/1/21 Sales price $35.000 $16.000 Journalize all entries required to update depreciation and record the sales of the two assets in 2021. The company has recorded depreciation on the machines through December 31, 2020. (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Machine A Date Account Titles and Explanation Debit Credit July 1 (To record depreciation expense) July 1 x A2022 Testa WWP Assessment Player Ul App y.com/was/l/2/assessment-player/index.html?launchidd5b224cc-c713-4451oad-b09b048686w/question/24 Question 25 of 30 > /10 E Sales nicht 338.000 $16.000 Journal entries required to update depreciation and record the sales of the two assets in 2001. The company recorded deorection on the machines to December 31, 2020 Credit comunities are automatically indeed when the amount interest Do not inden musly no entry into Entry for the accounties and enter for the amounts: Machine Date Account Titles and Explanation Debit Credit Jut the record precise dy To the sale of Machine Date Account Titles and plantion Debit Credit 1 watch O ACG2022 Test 3 .com/was/ui/v2/assessment-player/index.html?launchid=d5b224cc-c713-4451-aadf-b090b048686f#/question/24 Question 25 of 30 +/10 E (To record depreciation expense) July 1 To record the sale of asset) Machines Date Account Titles and Explanation Debit Credit Aug 1 (To record depreciation expense) To record the sale of a Atherofused SA Search 62

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Content Audits And Inventories A Handbook For Content Analysis

Authors: Paula Ladenburg Land

2nd Edition

1937434826, 978-1937434823

More Books

Students also viewed these Accounting questions