I need correct answers for journal entry please. Question #18
Chart of Accounts General Journal Instructions Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of the machinery was 10 years and the estimated residual value was $10,000. Williams uses the double- declining-balance method of depreciation. On October 1, Year 4, Williams sold the equipment for $75,000. Required: Record the journal entry for the depreciation on this machinery for Year 4. Refer to the Chart of Accounts for exact wording of account oiles. (1) (2) Record the journal entry for the sale of the machinery Refer to the Chart of Accounts for exact wording of account bities General Journal Chart of Accounts Williams Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 620 Gain on Sale of Machinery 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 121 Machinery EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Supplies Expense 523 Delivery Expense 524 Rent Expense 525 Insurance Expense 531 Repairs and Maintenance Expense 541 Depreciation Expense 543 Depletion Expense 544 Amortization Expense-Patents 591 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Machinery 122 Accumulated Depreciation-Machinery 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salanies Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY All work saved. /takeAssignmentMain do?invoker &takeAssignmentSessionLocator-assignmenlt-Take&Rpr8gresc General Journal Chart of Accounts 31. Refer to the Chart of Accounts for Record the journal enty or the depreciasion on his machinery tor Year 4 on December exact wording of account ddes PAGE 1 JOURNAL CREDIT DEBIT POST, REF DATE Record the jourmal entby for the sale of the machinery on October 1. Refer to the Chart of Accounts for exact wording of account Ddes OURNAL POST REF DESCRIPTION