Your answer is partially correct. Try again. Flint Corporation owns machinery th

Question

Your answer is partially correct. Try again. Flint Corporation owns machinery that cost $28,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $3,408 per year, resulting in a balance in accumulated depreciation of $11,928 at December 31, 2017. The machinery is sold on September 1, 2018, for $7,384. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Round answers to 0 decimal places, e.g·s,27s. 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 2272 Accumulated Depreciation-Machinery 2272 (b) Cash 7348 Accumulated Depreciation-Machinery 14200 Loss on Disposal of Machineny 6852 Machineny 28400

Explanation / Answer

Journal entries Date Accounts title and explanation Debit $ Credit $ Sep12018 Depreciation expense Account Dr. 2272    Accumulated Depreciation Account (3408/12*8) 2272 Sep 12018 Accumulated depreciation Dr. (11928+2272) 14200 Cash account Dr. 7384 Loss on Sale of Equipment Account Dr. 6816      Equipment Account Dr. 28400

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