Prepare the entries for the transactions using a general journal.

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1. Discarding an asset.

On January 4, shelving units, which had a cost of $6,780 and had accumulated depreciation of $6,370, were discarded.

On June 15, a hand cart, which had a cost of $1,450 and had accumulated depreciation of $1,300, was sold for $150.

On October 1, a copy machine, which had a cost of $7,350 and had accumulated depreciation of $7,040, was sold for $360.

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ROW NUMBER	DATE	ACCOUNT TITLE	DOC. NO.	POST. REF.	DEBIT	CREDIT	ROW NUMBER
1	20-- Jan. 4	Accumulated Depreciation-ShelvesCashDepreciation Expense-ShelvesGain on Discarded ShelvesShelvesAccumulated Depreciation-Shelves	blank	blank	Accumulated Depreciation-Shelves	Accumulated Depreciation-Shelves	1
2	blank	Accounts ReceivableCashDepreciation Expense-ShelvesLoss on Discarded ShelvesShelvesLoss on Discarded Shelves	blank	blank	Loss on Discarded Shelves	Loss on Discarded Shelves	2
3	blank	Accumulated Depreciation-ShelvesCashGain on Discarded ShelvesLoss on Discarded ShelvesShelves	blank	blank			3
4	blank	blank	blank	blank	blank	blank	4
5	June 15	Accounts ReceivableCashDepreciation Expense-Hand CartGain on Sale of Hand CartHand Cart	blank	blank	- Select -	- Select -	5
6	blank	Accounts PayableAccumulated Depreciation-Hand CartDepreciation Expense-Hand CartHand CartLoss on Sale of Hand Cart	blank	blank	- Select -	- Select -	6
7	blank	Accumulated Depreciation-Hand CartCashDepreciation Expense-Hand CartGain on Sale of Hand CartHand Cart	blank	blank	- Select -	- Select -	7
8	blank	blank	blank	blank	blank	blank	8
9	Oct. 1	CashCopy MachineDepreciation Expense-Copy MachineGain on Sale of Copy MachineLoss on Sale of Copy Machine	blank	blank	- Select -	- Select -	9
10	blank	Accounts ReceivableAccumulated Depreciation-Copy MachineCopy MachineDepreciation Expense-Copy MachineGain on Sale of Copy Machine	blank	blank	- Select -	- Select -	10
11	blank	Accumulated Depreciation-Copy MachineCashCopy MachineDepreciation Expense-Copy MachineLoss on Sale of Copy Machine	blank	blank	- Select -	- Select -	11
12	blank	Accounts PayableAccumulated Depreciation-Copy MachineCashGain on Sale of Copy MachineLoss on Sale of Copy Machine	blank	blank	- Select -	- Select -	12

Exchange or trade-in of assets.

On December 31, a drill press, which had a cost of $60,080 and had accumulated depreciation of $47,130, was traded in for a new drill press with a fair market value of $73,110. The old drill press and $62,540 in cash were given for the new drill press.

On December 31, the old drill press in (a) and $57,500 in cash were given for the new drill press.

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ROW NUMBER	DATE	ACCOUNT TITLE	DOC. NO.	POST. REF.	DEBIT	CREDIT	ROW NUMBER
1	20-- Dec. 31	CashDepreciation Expense-Drill PressDrill Press (new)Drill Press (old)Gain on Exchange of Drill Press	blank	blank	- Select -	- Select -	1
2	blank	Accounts PayableAccumulated Depreciation-Drill Press (new)Accumulated Depreciation-Drill Press (old)CashGain on Exchange of Drill Press	blank	blank	- Select -	- Select -	2
3	blank	Accounts ReceivableCashDepreciation Expense-Drill PressGain on Exchange of Drill PressLoss on Exchange of Drill Press	blank	blank	- Select -	- Select -	3
4	blank	Accounts PayableAccumulated Depreciation-Drill Press (old)Drill Press (new)Drill Press (old)Loss on Exchange of Drill Press	blank	blank	- Select -	- Select -	4
5	blank	Accumulated Depreciation-Drill Press (new)CashDepreciation Expense-Drill PressGain on Exchange of Drill PressLoss on Exchange of Drill Press	blank	blank	- Select -	- Select -	5
6	blank	blank	blank	blank	blank	blank	6
7	31	CashDepreciation Expense-Drill PressDrill Press (new)Drill Press (old)Gain on Exchange of Drill Press	blank	blank	- Select -	- Select -	7
8	blank	Accounts PayableAccumulated Depreciation-Drill Press (new)Accumulated Depreciation-Drill Press (old)CashLoss on Exchange of Drill Press	blank	blank	- Select -	- Select -	8
9	blank	Accumulated Depreciation-Drill Press (old)Depreciation Expense-Drill PressDrill Press (new)Drill Press (old)Loss on Exchange of Drill Press	blank	blank	- Select -	- Select -	9
10	blank	Accounts ReceivableAccumulated Depreciation-Drill Press (new)Accumulated Depreciation-Drill Press (old)CashLoss on Exchange of Drill Press	blank	blank	- Select -	- Select -	10
11	blank	Accounts ReceivableAccumulated Depreciation-Drill Press (old)Depreciation Expense-Drill PressGain on Exchange of Drill PressLoss on Exchange of Drill Press	blank	blank	- Select -	- Select -	11