FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 2, 2020, Direct Shoes Inc, disposed of a machine that cost $93,000 and had been depreciated $50,150. Present the journal entries to record

image text in transcribed
On January 2, 2020, Direct Shoes Inc, disposed of a machine that cost $93,000 and had been depreciated $50,150. Present the journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $41,500 cash. View transaction list Journal entry worksheet Record the sale of machine. Note: Enter debits before credits

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

Fundamental Accounting Principles Volume I

Fundamental Accounting Principles Volume I

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

978-1260305821

More Books

Students also viewed these Accounting questions

Question

★★★★★
Why do most successful industrial societies offer patents and copyright protection, even though these protections enable sellers to charge higher prices?

Answered: 1 week ago

Question

★★★★★
can U please answer 3.3 thank you we have to put the data as we assume it is Identify two cloud-based accounting systems which the non-profit organisation may consider using. Select a comparable...

Answered: 1 week ago

Question

★★★★★
4. Describe how you would conduct an assessment for criminogenic factors in offenders with intellectual disability.

Answered: 1 week ago

Question

★★★★★
As a wheat futures trader, you observe the following futures prices for the purchase and sale of wheat in 3 months: $3.00 per bushel in Chicago and 320 per bushel in Tokyo. Delivery on the contracts...

Answered: 1 week ago

Question

★★★★★
Chapter 5- Ruth Sells is unable to reconcile the bank balance at January 31. Ruth's reconciliation is shown as follows. Cash balance per bank $4,592,20 Add: NSF check 585.00 Less: Bank service charge...

Answered: 1 week ago

Question

★★★★★
Consider the following financial instruments and then determine whether financial assets, financial liabilities or equity instruments are in existence: (a) Company A loans Company B $400000 repayable...

Answered: 1 week ago

Question

★★★★★
You are on the staff of an external audit firm that audits a small to medium-size financial institution. One day you receive a copy of a letter from the president of the financial institution to the...

Answered: 1 week ago

Question

★★★★★
As discussed in the chapter, many audit organizations now follow the "cycles" approach when evaluating an internal control system. This approach involves classifying transactions by cycles,...

Answered: 1 week ago

Question

★★★★★
Jerry Schneider One of the more famous cases of computer abuse involves a young man named Jerry Schneider. Schneider had a flair for electronics. By the time he left high school, he had already...

Answered: 1 week ago

Question

★★★★★
In some damping systems, a circular disk immersed in oil is used as a damper, as shown in Fig. P2-125. Show that the damping torque is proportional to angular speed in accordance with the relation...

Answered: 1 week ago

Question

★★★★★
Which circuit in Figure P32.25 produces the greatest current in the emitter? Data from Figure P32.25 A B n-type p-type n-type n-type p-type n-type C n-type p-type n-type HHHHH

Answered: 1 week ago

Question

★★★★★
2. Working individually or in groups, compile a list of the factors at work or in school that create dysfunctional stress for you. What methods do you use for dealing with the stress?

Answered: 1 week ago

Question

★★★★★
1. How should the firm go about identifying hazardous conditions that should be rectified? Use data and checklists such as in Figure 4 and the HR in Practice feature to list at least 10 possible dry...

Answered: 1 week ago

Question

★★★★★
4. What role did negotiating skills seem to play in the WGA producers negotiations? Provide examples.

Answered: 1 week ago

Previous Question Next Question