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please use this list to fill in the blanks accounts payable, accounts receiveable, accumlated amortization, accumulated depreciation-building, accumulated depreciation-equipment, accumulated depreciation-vehicle, accumlated other, additional, advertising
please use this list to fill in the blanks accounts payable, accounts receiveable, accumlated amortization, accumulated depreciation-building, accumulated depreciation-equipment, accumulated depreciation-vehicle, accumlated other, additional, advertising expense, cash, common stock, cost of goods, depreciation expense, equipment, gain on disposal, loss on disposal, service revenue, supplies. Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine Machine B Original Cost $36,000 68,200 Residual Value $3,900 4,500 Estimated Life 5 years 14 years Accumulated Depreciation (straight-line) $25,680 (4 years) 50,050 (11 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $10,800 cash. b. Machine B: On January 1, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B at the beginning of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date January 01 Answer is not complete. General Journal Accumulated Depreciation Equipment Debit Credit 1 25,680 2 January 01 Cash 10,800 Cost of Goods Sold 10,800 3 Lanuary 01 Acumulated Danciation Enuinment 50.00 Journal entry worksheet Record the current year depreciation for Machine A prior to disposal. Note: Enter debits Nefore credits. Debit Credit Date January 01 General Journal Accumulated Depreciation-Equipment 25,680 Record entry Clear entry View general Journal Journal entry worksheet
please use this list to fill in the blanks
accounts payable, accounts receiveable, accumlated amortization, accumulated depreciation-building, accumulated depreciation-equipment, accumulated depreciation-vehicle, accumlated other, additional, advertising expense, cash, common stock, cost of goods, depreciation expense, equipment, gain on disposal, loss on disposal, service revenue, supplies.
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