ie CengageNOW2] Onlin Chegg Study Guided Solut engagenow.com/ilm/takeAssignment/

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ie CengageNOW2] Onlin Chegg Study Guided Solut engagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession; Locator-assignment-take&inprogress; Instructions General Journal |General Journal Instructions Journal Entries: Disposition of Plant Assets 1. Discarding an asset. a. On January 4, shelving units, which had a cost of $6,700 and had accumulated depreciation of $6,240, were discarded. . On June 15, a hand cart, which had a cost of $1,570 and had accumulated depreciation of $1,430, was sold for $140. On October 1, a copy machine, which had a cost of $6,740 and had accumulated depreciation of $6,300, was sold for $475. f an amount box does not require an entry, leave it blank. pare the entries for the transactions using a general journal

Explanation / Answer

1. Discarding an Asset

2. Exchange or Trade-in of Asset

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Date Account Title Debit Credit 1 January 4 Accumulated Depreciation $6,240 2 Loss on Disposal $460 3 Shelving Units $6,700 4 5 June 15 Accumulated Depreciation $1,430 6 Cash $140 7 Hand Cart $1,570 8 9 October 1 Accumulated Depreciation $6,300 10 Cash $475 11 Copy Machine $6740 12 Gain on Disposal $35

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