Question
Prepare the entries for the transactions using a general journal. Question Content Area 1. Discarding an asset. On January 4, shelving units, which had a
Prepare the entries for the transactions using a general journal.
Question Content Area
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.
ROW NUMBER | DATE | ACCOUNT TITLE | DOC. NO. | POST. REF. | DEBIT | CREDIT | ROW NUMBER |
---|---|---|---|---|---|---|---|
1 | 20-- Jan. 4 | Accumulated Depreciation-ShelvesCashDepreciation Expense-ShelvesGain on Discarded ShelvesShelves | blank | blank | - Select - | - Select - | 1 |
2 | blank | Accounts ReceivableCashDepreciation Expense-ShelvesLoss on Discarded ShelvesShelves | blank | blank | - Select - | - Select - | 2 |
3 | blank | Accumulated Depreciation-ShelvesCashGain on Discarded ShelvesLoss on Discarded ShelvesShelves | blank | blank | - Select - | - Select - | 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 |
Question Content Area
2. 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.
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 |
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