Quiz 1

Question 1 of 17

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On May 28,2024,Oriole Services purchased equipment for $102,000,giving the supplier a 1-year note at 6% (due at maturity)for$79,730,and paid the balance with cash. Oriole also paid Wu Engineering $7,800 cash for installing the equipment on May 30.Theequipment's useful life was estimated to be five years, with an $18,600 residual value. The straight-line method of depreciation is usedfor equipment and Oriole has a calendar year end.

On October 4,2026, the equipment was destroyed in an accident. Oriole received $61,860 cash as insurance proceeds for theequipment.

(a)

Record the transactions of May 28 and 30, 2024. (Credit account titles are automatically indented when the amount isentered.Do not

indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.List all debit entries before

credit entries.)

Date

Account Titles

Debit

Credit

2024