Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected plant and equipment annet balances on December 31, 2015 for Soutrigate Inc. are as follows Fume $76,100 Accumulated Depreciation Furniture 53.000 Total estimated useful

image text in transcribed
Selected plant and equipment annet balances on December 31, 2015 for Soutrigate Inc. are as follows Fume $76,100 Accumulated Depreciation Furniture 53.000 Total estimated useful life on the future in 6 years with a residual value of 54.000 depreciated using the double-declining balance method to the nearest whole month The furniture was sold on July 6, 2014 for cash of $8,680 Prepare journal entries for the following a Depreciation of the furniture for 2014 b. The sale of the furniture on July 6 Ensure accuracy in your calculations by rounding only your final answer to the nearest whole dollar Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format ddim January 15 would be 16/Jan's For simplicity, assume the assets are depreciated as individual items and will not be broken into parts and deprecated General Journal Page GUZ Date Account Explanation F Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray Garrison, Theresa Libby, Alan Webb

9th canadian edition

1259269477, 978-1259269479, 978-1259024900

Students also viewed these Accounting questions

Question

Where do emotions come from? What function do they serve?

Answered: 1 week ago