Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom Company owns equipment that cost $77,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an

Blossom Company owns equipment that cost $77,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $17,000 and an estimated useful life of 5 years. Prepare Blossom Company's journal entries to record the sale of the equipment in these four independent situations. (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 O for the amounts.) (a) (b) (c) (d) Sold for $43,000 on January 1, 2022. Sold for $43,000 on May 1, 2022. Sold for $19,000 on January 1, 2022. Sold for $19,000 October 1, 2022. No. Account Titles and Explanation (a) Debit Credit
please dO A,B,C,D as shown in photos image text in transcribed
image text in transcribed
image text in transcribed
Blossom Company owns equipment that cost $77.000 when purchased on January 1,2019. It has been depreciated using the straightline method based on an estimated salvage value of $17,000 and an estimated useful life of 5 years. Prepare Blossom Company's journal entries to record the sale of the equipment in these four independent situations. (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.) (a) Sold for $43,000 on January 1,2022 (b) Sold for $43,000 on May-1, 2022 (c) Sold for $19,000 on January 1,2022 (d) Sold for $19,000 on October 1,2022 No. Account Titles and Explanation Debit Credit (a) (b) (To record depreciation) (c) (d) (Te record depreciation)

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_2

Step: 3

blur-text-image_step3

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

Students also viewed these Accounting questions