Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Swifty Corporation sells office equipment on July 31, 2022 for $16,900 cash. The office equipment originally cost $71,300 and as of January 1, 2022, had

image text in transcribed
Swifty Corporation sells office equipment on July 31, 2022 for $16,900 cash. The office equipment originally cost $71,300 and as of January 1, 2022, had accumulated depreciation of $42,000. Depreciation for the first 7 months of 2022 is $5,150. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Depreciation Expense Accumulated Depreciation Buildings 5,150 5,150 (b) Cash 16,900 Accumulated Depreciation Equipment 42,000 Loss on Disposal of Plant Assets Equipment e Textbook and Media Assistance Used List of Accounts

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_2

Step: 3

blur-text-image_3

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

Fundamental Managerial Accounting Concepts

Authors: Edmonds, Tsay, olds

6th Edition

71220720, 78110890, 9780071220729, 978-0078110894

More Books

Students also viewed these Accounting questions

Question

=+2. In the example described in Question 1

Answered: 1 week ago

Question

dy dx Find the derivative of the function y=(4x+3)5(2x+1)2.

Answered: 1 week ago

Question

Draw and explain the operation of LVDT for pressure measurement

Answered: 1 week ago