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Current Attempt in Progress Presented here are selected transactions for Sunland Limited for 2021. Sunland uses straight-line depreciation and records adjusting entries annually. Jan. 1
Current Attempt in Progress Presented here are selected transactions for Sunland Limited for 2021. Sunland uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $18,100 cash. The truck cost $65,140 when it was purchased on January 1, 2018, and was depreciated based on a four-year useful life with a $6,380 residual value. Sold computers that were purchased on January 1, 2019. They cost $10,683 and had a useful life of three years with no residual value. The computers were sold for $530 cash. Retired equipment that was purchased on January 1, 2012. The equipment cost $159,200 and had a useful life of 10 years with no residual value. No proceeds were received. (a) Record the above transactions. (List all debit entries before credit entries. 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 O for the amounts) Date Account Titles and Explanation Debit Credit Record the above transactions. (List all debit entries before credit entries. 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 O for the amounts.) Date Account Titles and Explanation. Jan. 1 Sept. 1 1 (To record depreciation expense) Debit Credit 1 (To record depreciation expense) Dec. 30 (To record the sale of equipment for cash) 30 (To record depreciation expense) (To record the retirement of equipment)
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