Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

MUST FOLLOW FORMAT OF ATTACHED PHOTO :) Here are selected 2012 transactions of Eghan Corporation. Jan. 1 Retired a piece of machinery that was purchased

image text in transcribed

MUST FOLLOW FORMAT OF ATTACHED PHOTO :)

Here are selected 2012 transactions of Eghan Corporation.

Jan. 1Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $62,000and had a useful life of10years with no salvage value.
June 30Sold a computer that was purchased on January 1, 2010. The computer cost $36,000and had a useful life of3years with no salvage value. The computer was sold for $5,000cash.
Dec. 31Sold a delivery truck for $9,000cash. The truck cost $25,000when it was purchased on January 1, 2009, and was depreciated based on a5-year useful life with a $4,000salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Eghan Corporation uses straight-line depreciation.(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

USE THE BELOW TERMS FOR ENTRY TITLES

Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debts Expense Buildings Cash Common Stock Copyrights Cost of Goods Sold Depreciation Expense Dividends Equipment Franchise Gain on Disposal of Plant Assets Goodwill Income Tax Expense Income Taxes Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Land Improvements Loss on Disposal of Plant Assets Maintenance and Repairs Expense No Entry Notes Payable Notes Receivable Other Operating Expenses Patents Prepaid Insurance Property Taxes Expense Research and Development Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue

image text in transcribed

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

Intermediate Accounting

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

2nd edition

134730372, 134730370, 978-0134730370

More Books

Students also viewed these Accounting questions

Question

1. I try to create an image of the message

Answered: 1 week ago

Question

4. What is the goal of the others in the network?

Answered: 1 week ago