Question
Presented here are selected transactions for Blossom Limited for 2021. Blossom uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sold a delivery truck
Presented here are selected transactions for Blossom Limited for 2021. Blossom uses straight-line depreciation and records adjusting entries annually.
Jan. 1 | Sold a delivery truck for $17,570 cash. The truck cost $61,300 when it was purchased on January 1, 2018, and was depreciated based on a four-year useful life with a $5,460 residual value. | ||
Sept. 1 | Sold computers that were purchased on January 1, 2019. They cost $10,377 and had a useful life of three years with no residual value. The computers were sold for $470 cash. | ||
Dec. 30 | Retired equipment that was purchased on January 1, 2012. The equipment cost $149,100 and had a useful life of 10 years with no residual value. No proceeds were received. |
(a)
Record the above transactions. (List all debit entries before credit entries. 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 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Jan. 1 | enter an account title for the journal entry on January 1 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on January 1 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 1 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 1 | enter a debit amount | enter a credit amount | |
Sept. 1 | enter an account title to record depreciation expense on September 1 | enter a debit amount | enter a credit amount |
enter an account title to record depreciation expense on September 1 | enter a debit amount | enter a credit amount | |
(To record depreciation expense) | |||
1 | enter an account title to record the sale of equipment for cash on September 1 | enter a debit amount | enter a credit amount |
enter an account title to record the sale of equipment for cash on September 1 | enter a debit amount | enter a credit amount | |
enter an account title to record the sale of equipment for cash on September 1 | enter a debit amount | enter a credit amount | |
enter an account title to record the sale of equipment for cash on September 1 | enter a debit amount | enter a credit amount | |
(To record the sale of equipment for cash) | |||
Dec. 30 | enter an account title to record depreciation expense on December 30 | enter a debit amount | enter a credit amount |
enter an account title to record depreciation expense on December 30 | enter a debit amount | enter a credit amount | |
(To record depreciation expense) | |||
30 | enter an account title to record the retirement of equipment on December 30 | enter a debit amount | enter a credit amount |
enter an account title to record the retirement of equipment on December 30 | enter a debit amount | enter a credit amount | |
(To record the retirement of equipment)0 |
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