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Date Accounts Debit Credit 2018 July 1 2019 Jan. 1 2019 Jan. 1 Truck Delivery truck Cash Loss on disposal Accumulated depreciation-machinery Gain on disposal
Date Accounts Debit Credit 2018 July 1 2019 Jan. 1 2019 Jan. 1 Truck Delivery truck Cash Loss on disposal Accumulated depreciation-machinery Gain on disposal Depreciation expense Accumulated depreciation-truck Accumulated depreciation-computer 2019 June 30 Machinery Computer 2019 June 30 Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. Required Journalise all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tongun Company uses straight-line depreciation. (Assume depreciation is up to date as of 30 June 2018.) (Enter all debit entries first, followed by all credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Before selling or retiring an equipment, update any accumulated depreciation up to the transaction day where relevant
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