Question
MUST FOLLOW FORMAT OF ATTACHED PHOTO :) Here are selected 2012 transactions of Eghan Corporation. Jan. 1 Retired a piece of machinery that was purchased
MUST FOLLOW FORMAT OF ATTACHED PHOTO :)
Here are selected 2012 transactions of Eghan Corporation.
Jan. 1 | Retired 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 30 | Sold 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. 31 | Sold 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
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