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pls help will leave a good review! Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the
pls help will leave a good review!
Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $ 270. Part of the equipment was sold on the last day of the current year for cash proceeds. Cash Jan. 1 (a) Dec 31 620 Equipment Jan. 1 1.270 Dec 31 610 Accumulated Depreciation Equipment Dec 31 100 Dec.31 210 Depreciation Expense Dec. 31 b (b) Depreciation Expense Dec 31 (b) Gain on Disposal of Plant Assets Dec 31 Prepare the journal entries to record purchase of equipment on January 1. (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 for the amounts.) Date Account Titles and Explanation Debit Jan. 1 Equipment Credit 1110 Cash 1110 What was the cash paid? What was the cash paid? Cash 1110 Dec 31 620 Jan. 1 eTextbook and Media List of Accounts Prepare the journal entry to record depreciation recorded on December 31. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 135 Accumulated Depreciation Equipment 135 Mana ALL Prepare the journal entry to record depreciation recorded on December 31. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 135 Accumulated Depreciation Equipment 135 What was the depreciation expense? Depreciation Expense Dec. 31 135 Prepare the journal entry to record sale of part of the equipment on December 31. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 What was the gain on disposal? Gain on Disposal of Plant Assets Dec. 31 Step by Step Solution
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