Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jan Presented below are selected transactions at Sheridan Company for 2019. 1 Retired a piece of machinery that was purchased on January 1, 2009. The

image text in transcribed
image text in transcribed
image text in transcribed
Jan Presented below are selected transactions at Sheridan Company for 2019. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $64,400 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2016. The computer cost $42,600. It had a useful life of 5 years with no salvage value. The computer was sold for $15,500 Dec 31 Discarded a delivery truck that was purchased on January 1, 2015. The truck cost $37,380. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of Sheridan Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2018.) (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 for the amounts. Do not round intermediate calculations) Date Account Titles and Explanation Debit Credit Jani Accumulated Depreciation Equipment 64.400 Equipment 64.400 June Depreciation Expenses Accumulated Depreciation faulpment Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation Equipment 64,400 Equipment 64,400 June 30 v Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation to date of disposal) June 30 Cash 15,500 Accumulated Depreciation Equipment Equipment 42.600 Gain on Disposal of Plant Assets (To record sale of computer) Dec 31 Depreciation Expense 5.730 5730 Accumulated Depreciation Equipment (To record depreciation to date of disposal i O Can 15, Accumulated Depreciation Equipment Equipment 42,600 Gain on Disposal of Plant Assets (To record sale of computer) Dec. 31 V Depreciation Expense 5.730 Accumulated Depreciation Equipment (To record depreciation to date of disposal) 5.730 Dec 31 Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment 37,380 (To record retirement of 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

Auditing Sustainable Development Goals Key Principles And Tools For Supply Chain

Authors: Barden Gonzalez

1st Edition

B0BZFDM86C, 979-8388651501

More Books

Students also viewed these Accounting questions