Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom Company sells office equipment on July 3 1 , 2 0 2 2 , for $ 2 0 , 0 0 0 cash. The

Blossom Company sells office equipment on July 31,2022, for $20,000 cash. The office equipment originally cost $72,000 and as of January 1,2022, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2022 is $3,500.Prepare the journal entries to (a) update depreciation to July 31,2022, 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 O for the amounts.)No. Account Titles and ExplanationDebitCredit(a)(b)Blossom Company sells office equipment on July 31,2022, for $20,000 cash. The office equipment originally cost $72,000 and as of January 1,2022, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2022 is $3,500.Prepare the journal entries to (a) update depreciation to July 31,2022, 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 O for the amounts.)No. Account Titles and ExplanationDebitCredit(a)(b)

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

Managerial Accounting Tools for business decision making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th edition

470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144

More Books

Students also viewed these Accounting questions