On January 1 of the current year, Herkimer & Co. purchases, a group of 7 laptops for its new hires. The laptops are purchased for $2,300 each with a residual value of $500 each. Herkimer expects the laptops to be used for 3 years. At the end of the current year, Herkimer & Co. sells two laptops for $1,700 each.

Required:

Prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops in Year 1.

Prepare the journal entries to record the purchase of the laptops on January 1, and the depreciation for the year and sale of the laptops at December 31.

General Journal Instructions

PAGE 10

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1	__________	_________		____________	_________
2	________	__________		_________	___________
3	_________	____________		_________	__________
4	_________	____________		_________	__________
5	_________	____________		_________	_________
6	_______	____________		__________	__________
7	________	____________		_________	__________