Do It! Review 9-3 Novak Company has an old factory machine that cost $71,000. Th

Question

Do It! Review 9-3 Novak Company has an old factory machine that cost $71,000. The machine has accumulated depreciation of $39,760. Novak has decided to sell the machine. (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 0 for the amounts.) (a) What entry would Novak make to record the sale of the machine for $35,500 cash? (b) What entry would Novak make to record the sale of the machine for $21,300 cash? No. Account Titles and Explanation Debit Credit

Explanation / Answer

Particulars Dr Cr a) Cash 35500 Accumlated dep 39760 To machine 71000 To profit on sale of mchinery ( balancing figure) 4260 b) Cash 21300 Accumlated dep 39760 Loss on sale of mchinery ( balancing figure) 9940 To machine 71000

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

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