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Q1- On June 30, 2021, Rayan Construction Company sells office furniture for $16,000 cash. The office furniture originally cost $75,000. As of January 1, 2021,
Q1- On June 30, 2021, Rayan Construction Company sells office furniture for $16,000 cash. The office furniture originally cost $75,000. As of January 1, 2021, it had accumulated depreciation of $45,500. Depreciation for the first six months of 2021 is $9,500. Required: (a). Prepare the journal entry to record depreciation expense up to the date of sale. (0.5 mark) (b). Prepare the journal entry to record the Sales. (1.5 marks)
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