Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer. Thank you. Exercise 10-17 Sunland Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and

image text in transcribedimage text in transcribed

Please answer. Thank you.

Exercise 10-17 Sunland Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter $15,600 Cash paid 10,600 Cost of old melter (5-year life, $680 residual value) 14,180 8,100 Accumulated depreciation on old melter (straight-line) 6,440 Market value of old melter in active secondary market Assuming that Sunland's fiscal year ends on December 31 and depreciation has been recorded through December 31, 2019, prepare the journal entries that are necessary to record this exchange (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.) Credit Account Titles and Explanation Debit (To record depreciation expense to date of exchange) (To record equipment exchange) SHOW LIST OF ACCOUNTS LINK XT List Of Accounts Exercise 10-17 Accounts Payable Accounts Recelvable Accumulated Depreciation Buildings Accumulated Depreclation Equipment Accumulated Depreclation Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreclation Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus Donated Capital Cost of Goods Sold Deferred Revenue Government Grants Depreclation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Payable Interest Recelvable Inventory Investment Property Land Land Improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability Vehicles

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

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

12th Canadian Edition

0136889373, 9780136889373

More Books

Students also viewed these Accounting questions

Question

Briefly define displacement addressing.

Answered: 1 week ago

Question

explain the meaning of ethics, and business and marketing ethics

Answered: 1 week ago

Question

Identify possible reasons for ineffective performance.

Answered: 1 week ago

Question

Describe the components of a needs assessment.

Answered: 1 week ago

Question

Describe the benefits of employee orientation.

Answered: 1 week ago