Journal entries

2. Sold Equipment for $45,700 receiving payment immediately. The original cost of the equipment was $175,600. The Accumulated Depreciation at the time of sale was $145,750. 3. The company paid for Inventory on the 13th day. The Inventory was purchased under terms 3/15, net/45, FOB Destination and has been received and accepted, and accrued previously. The original Invoice price was $15,000. 4. A month end the Petty Cash fund established in JE 3 above shows $372 of Miscellaneous Expense receipts, three $20 bills and five $1 bills in the box. Replenish the fund. 5. Shipped Inventory under terms 3/10, net/30, FOB Shipping Point. The total invoice was for $34,560 which includes 7.5% sales tax. The Inventory was sold at a 35% gross profit. 2. Sold Equipment for $45,700 receiving payment immediately. The original cost of the equipment was $175,600. The Accumulated Depreciation at the time of sale was $145,750. 3. The company paid for Inventory on the 13th day. The Inventory was purchased under terms 3/15, net/45, FOB Destination and has been received and accepted, and accrued previously. The original Invoice price was $15,000. 4. A month end the Petty Cash fund established in JE 3 above shows $372 of Miscellaneous Expense receipts, three $20 bills and five $1 bills in the box. Replenish the fund. 5. Shipped Inventory under terms 3/10, net/30, FOB Shipping Point. The total invoice was for $34,560 which includes 7.5% sales tax. The Inventory was sold at a 35% gross profit