Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me complete the journal entries. One image is the question and the other image is what I have so far. Ex. 187 Presented

Please help me complete the journal entries. One image is the question and the other image is what I have so far.

image text in transcribedimage text in transcribed
Ex. 187 Presented below are selected transactions for Mohamad Company for 2002. Jan. 1 Received $3,000 scrap value on retirement of machinery that was purchased on January 1. 1992. The machine cost $80,000 on that date. and had a useful life of 10 years with no residual value. April 30 Sold a printing machine for 550.000 that was purchased on January 1. 1999. The printer cost $90,000, and had a useful life of 5 years with no residual value. Dec. 31 Discarded a business automobile that was purchased on September 1, 1997. The car cost $20,000 and was amortized on an 8-year useful life with a residual value of $800. Instructions Journalize all entries required as a result of the above transactions. Mohamad Company uses the straight-line method of amortization and has recorded amortization through December 31, 2001. Date Particulars P.R. Debit Credit 1 Jan 1 Cash $3000 1 2 Accumulated Depreciation- Equipment 80000 IN Equipment $80000 4 Gain on Disposal 3000 107 April 30 Depreciation Expense 6000 101 6 Accumulated Depreciation- Equipment 6000 6 7 Cash 50000 IN 8 Accumulated Depreciation- Equipment 8 9 9 10 10 11 11 12 12 13 13

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamentals of Ethics for Scientists and Engineers

Authors: Edmund G. Seebauer, Robert L. Barry

1st Edition

9780195698480, 195134885, 195698487, 978-0195134889

Students also viewed these Accounting questions