Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 8.75 points 02:42:55 Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Record the sale of the equipment under the following

5 8.75 points 02:42:55 Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $50,600 cash, (2) $38,400 cash, and (3) $33,300 cash. View transaction let Journal entry worksheet eBook < A B C Hint 10 References Record the sale of equipment assuming Garcia sells the equipment for $50,600 cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry 5 8.75 points Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $50,600 cash, (2) $38,400 cash, and (3) $33,300 cash. 02:42:20 View transaction list Journal entry worksheet eBook < A B Hint 0 References Record the sale of equipment assuming Garcia sells the equipment for $38,400 cash. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal 5 8.75 points Garcia Co. owns equipment that cost $81,600, with accumulated depreciation of $43,200. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $50,600 cash, (2) $38,400 cash, and (3) $33,300 cash. 02:41.58 View transaction list eBook Hint Journal entry worksheet A B Record the sale of equipment assuming Garcia sells the equipment for $33,300 cash. References Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal B e Accumulated amortization Accumulated depletion ipr Accumulated depreciation eb Amortization expense Building n Cash Depletion expense Depreciation expense Equipment Gain on sale of equipment Goodwill lip Impairment loss Land Land improvements Leasehold improvements Loss from fire Loss on exchange of assets ipm Loss on sale of equipment Mineral deposit Ore mine Prepaid rent Rent expense Repairs expense Rent expense Repairs expense Vehicles

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

Easy Accounting Simple Steps Simple Solutions

Authors: Becky Egan

1st Edition

B09KGZV2QG

More Books

Students also viewed these Accounting questions

Question

LO5 Illustrate the steps in developing a base pay system.

Answered: 1 week ago

Question

LO3 Outline strategic compensation decisions.

Answered: 1 week ago