Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Diaz Company owns a milling machine that cost $126,000 and has accumulated depreciation of $91,100. Prepare the entry to record the disposal of the milling

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Diaz Company owns a milling machine that cost $126,000 and has accumulated depreciation of $91,100. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. 1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,500 cash. 3. Diaz sold the machine for $34,900 cash. 4. Diaz sold the machine for $41,900 cash. View transaction list Journal entry worksheet Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Journal entry worksheet Record the sale of the machine for $34,900 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions