WileyPLUS re | https//edugen.wileyplus.com/edugen/student/mainfr.uni US Weygandt

Question

WileyPLUS re | https//edugen.wileyplus.com/edugen/student/mainfr.uni US Weygandt, Financial Accounting: IFRS, 3e & Practice Assignment Gradebook ORION Downloadable eTextbook ssignment CES Cheyenne Co. has equipment that cost 49,990 and that has been depreciated 21,990. R under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) It was scrapped as having no value. (b) It was sold for 24,040. (c) It was sold for 33,760. udy Account Titles and Explanation Debit Credit All Rights Reserved. A Division of John Wiley & Sons. Inc.

Explanation / Answer

Answer:-

Account Titles & Explanation Debit Credit $ $ (a) Loss on sale of equipment A/c 28000 (49990-21990) Accumulated Depreciation A/c 21990                  Equipment A/c 49990 (Being equipment sold as scrap) (b) Cash A/c 24040 Accumulated Depreciation A/c 21990 Loss on sale of equipment A/c 3960 (28000-24040)                  Equipment A/c 49990 (Being equipment sold) (c) Cash A/c 33760 Accumulated Depreciation A/c 21990                  Equipment A/c 49990                 Gain on sale of equipment A/c 5760 (33760-28000) (Being equipment sold)

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.