Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare the journal entries to record the following transactions for the Thairific Company, which has a financial year end of 30 June and uses the

image text in transcribed

Prepare the journal entries to record the following transactions for the Thairific Company, which has a financial year end of 30 June and uses the straight-line method of depreciation. Ignore GST. (a) 1 January, 2019, the company sold old office equipment for $10,000. The office equipment originally cost $38,000 and had accumulated depreciation to the date of disposal of $30,000. (b) 30 May, 2019, the company sold a printing machine for $35,000 that was purchased on 1 January, 2016. The printer cost $95,000, and had a useful life of 5 years with residual value of $5,000. (c) 1 September, 2019, the company sold old delivery equipment for $10,500. The delivery equipment was purchased on 1 June, 2017, for $21,000 and was estimated to have a $3,000 residual value at the end of its 5-year life. (Both account names and figures should be correct in order to award marks. Type your response directly into the template in the text box below.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Forecasting Volatility In The Financial Markets

Authors: Stephen Satchell, John Knight

2nd Edition

0750655151, 9780750655156

More Books

Students also viewed these Accounting questions