chains chains chains chains CALCULATOR PRINTER VERSION BACK NEXT Brief Exercise

Question

chains chains chains chains CALCULATOR PRINTER VERSION BACK NEXT Brief Exercise 9-7 Prepare journal entries to record these transactions. (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.) Echo Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,200 instead of 41,000 No. Account Titles and Explanation Debit Credit dy

Explanation / Answer

Answer:

No

Account title And Explanation

Debit $

Credit $

(a)

Accumulated depreciation Debited

41000

Equipment Credited

41000

(To record the retirement of equipment)

(b)

Accumulated depreciation Debited

37200

Loss on Disposal of Plant Assets Debited
(41000-37200)

3800

Equipment Credited

41,000

(To record the retirement of equipment and loss
on the disposal )

No

Account title And Explanation

Debit $

Credit $

(a)

Accumulated depreciation Debited

41000

Equipment Credited

41000

(To record the retirement of equipment)

(b)

Accumulated depreciation Debited

37200

Loss on Disposal of Plant Assets Debited
(41000-37200)

3800

Equipment Credited

41,000

(To record the retirement of equipment and loss
on the disposal )

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