Question 1 for 5 1. 1000 ponts Cadilac Construction Company uses the retirement

Question

Question 1 for 5 1. 1000 ponts Cadilac Construction Company uses the retirement method to determine deprecueion on its smal toolks Duing 2014, the first year of the company's operations, tools were purchased at a cost of $15,000 In 2016, tools onginaly costing $5,800 were sold for $1.200 and replaced with new toois costing $6,700 Prepare tournal enines 10 record each lhe iatove transactions (If no entry is required for a ransactionevent, selct No joarnal entry required" in the first account field. Journal entry worksheet Record thie purchase of small tools forns,000 cesh using the retremunt TOSHI 2 3 4 5 shift

Explanation / Answer

Journal

No. Account Name Debit Credit 1. Small Tools 15000 Cash 15000 (To record purchase of small tools) 2. Small tools 6700 Cash 6700 (To record purchase of additional small tools) 3. Depreciation expense 5800 Cash 1200 Small tools 5800 Profit on disposal 1200 (To record retirement of old small tools)

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