Question
Here are selected 2022 transactions of Blossom Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost
Here are selected 2022 transactions of Blossom Company.
Jan. | 1 | Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,700 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 $41,700 and had a useful life of 3 years with no salvage value. The computer was sold for $6,200 cash. | |
Dec. | 31 | Sold a delivery truck for $10,000 cash. The truck cost $30,100 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. |
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Blossom Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date Jan. 1June 30Dec. 31 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Jan. 1June 30Dec. 31 | enter an account title to record the depreciation to date of disposal | enter a debit amount | enter a credit amount |
enter an account title to record the depreciation to date of disposal | enter a debit amount | enter a credit amount | |
(To record depreciation to date of disposal) | |||
June 30 | enter an account title to record the sale of the computer on June 30 | enter a debit amount | enter a credit amount |
enter an account title to record the sale of the computer on June 30 | enter a debit amount | enter a credit amount | |
enter an account title to record the sale of the computer on June 30 | enter a debit amount | enter a credit amount | |
enter an account title to record the sale of the computer on June 30 | enter a debit amount | enter a credit amount | |
(To record sale of computer) | |||
choose a transaction date Jan. 1June 30Dec. 31 | enter an account title to record the depreciation to date of disposal | enter a debit amount | enter a credit amount |
enter an account title to record the depreciation to date of disposal | enter a debit amount | enter a credit amount | |
(To record depreciation to date of disposal) | |||
Dec. 31 | enter an account title to record the retirement of the truck on December 31 | enter a debit amount | enter a credit amount |
enter an account title to record the retirement of the truck on December 31 | enter a debit amount | enter a credit amount | |
enter an account title to record the retirement of the truck on December 31 | enter a debit amount | enter a credit amount | |
enter an account title to record the retirement of the truck on December 31 | enter a debit amount | enter a credit amount | |
(To record retirement of truck) |
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