Saved CHAPTER 8 HOMEWORK A 15 Part 1 of 3 Required information (The following in

Question

Saved CHAPTER 8 HOMEWORK A 15 Part 1 of 3 Required information (The following information applies to the questions displayed below.) On January 2, 2017, Bering Co, disposes of a machine costing $42,100 with accumulated depreciation of $22,679. Prepare the entries to record the disposal under each of the following separate assumptions. 10 points 1. The machine is sold for $16,288 cash. eBook Hint View transaction list View journal entry worksheet Print References Debit Credit 16,288 No Date General Journal 1 Jan 02 Cash Loss on sale of machinery Accumulated depreciation-Machinery (old) Machinery (old) 22,679 42, 100

Explanation / Answer

Journal:

Particulars Amount Sale proceeds        16,288 Less: net book value        19,421 Gain/(loss) on disposal         -3,133 Net book value Particulars Amount cost of asset        42,100 Less: accumulated depreciation        22,679 Net book value        19,421

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

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