Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Company had the following assets on January 1, 2022. During 2022, each of the assets was removed from service. The machinery was retired on

image text in transcribed
image text in transcribed
Pharoah Company had the following assets on January 1, 2022. During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,400. The truck was discarded on December 31 Journalize all entries required on the above dates, including entries to update depreciation, where applicabie, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the account titles and enter 0 for the amounts.) June 30 : Cash Accumulated Depreciation. Equipenent Equipment Gain on Disposat of Plant Assets (To record sale of forklift) Dec.31 * Depreciation Expense Accumulated Denreciation-Equigment (To record depredation expense on truck) Dec 31 : Lossen Dispesal of Plant Astets 9350 Accumulated Depreciation. Fquipment Faugment (To record discarded truck at a loss)

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

Auditing And Assurance Services

Authors: William MessierSteven Glover

7th Edition

ISBN: 0073527084, 9780073527086

More Books

Students also viewed these Accounting questions