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it may be can choose more than one answer. The following are a selection of journal entries that Dragon Inc. recorded related to its non-current
it may be can choose more than one answer.
The following are a selection of journal entries that Dragon Inc. recorded related to its non-current assets in July 2018. Straight line depreciation is used to record depreciation for all property, plant and equipment owned by Dragon Inc. Indicate whichof the entries shown below that were recorded correctly. a. July 4 Cash 5,000 Accumulated Depreciation Equipment 3,500 Loss on Disposal 500 9,000 Equipment Sold equipment for $5,000 cash. The asset has a carrying amount of $5,500 on the date of the sale and was originalls urchased for $9.no0 b. July 8 Copyright Expense 2.300 2,300 Cash Payment of $2,300 to successfullydefend copyright for the logo for Dragon Inc. f. July 31 Depreciation Expense 4,500 Accumulated Depreciation Land To record depreciation expense on land for the month of July, 2018 4,500 5,100 g. July 31 Depreciation Expense Accumulated Depreciation Equipment 5,100 To record depreciation expense on factory equipment for the month of July, 2018. c. July 15 Computer Equipment 8,400 8,400 Accounts Payable Purchased new computer equipment for $8,400 on account. d. July 20 Cash 3,200 Office Furniture 3,200 Sold office furniture for $3,200 cash. The furniture was originally purchased 8 years ago for $8,500. The furniturehad a 10-year useful life and a residual value of $500. Depreciation on the furniture up to July 20 was recorded prior to making this entry. The balance of the accumulated depreciation account was $6,400. e. July 22 Trademarks 550 Cash 550 Payment of $550 to register trademark for Dragon Inc.'s nameStep by Step Solution
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