Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 9-10 Here are selected 2022 transactions of Ayayai Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The

Exercise 9-10

Here are selected 2022 transactions of Ayayai Corporation.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,000 and had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2020. The computer cost $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $4,000 cash.
Dec. 31 Sold a delivery truck for $9,000 cash. The truck cost $23,000 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,200 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Ayayai Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. 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.)

Date

Account Titles and Explanation

Debit

Credit

Choose a transaction date

image text in transcribed June 30Dec. 31Jan. 1

Enter an account title

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Choose a transaction date

image text in transcribed Dec. 31Jan. 1June 30

Enter an account title to record depreciation expense for 2017

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record depreciation expense for 2017

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

(To record depreciation expense)

Enter an account title to record sale of computer

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record sale of computer

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record sale of computer

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record sale of computer

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

(To record sale of computer)
Choose a transaction date

image text in transcribed Dec. 31Jan. 1June 30

Enter an account title to record depreciation expense for 2017

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record depreciation expense for 2017

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

(To record depreciation expense)

Enter an account title to record sale of delivery truck

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record sale of delivery truck

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record sale of delivery truck

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

Enter an account title to record sale of delivery truck

image text in transcribed

Enter a debit amount

image text in transcribed

Enter a credit amount

image text in transcribed

(To record sale of delivery truck)

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

13th Edition

0273730045, 978-0273730040

More Books

Students also viewed these Accounting questions

Question

What is coal?

Answered: 1 week ago

Question

What is Nutriens approach to handling personal information?

Answered: 1 week ago