Can anyone help me with this one?Please include the solution.Thank you in advanv

Question

Can anyone help me with this one?Please include the solution.Thank you in advanve

Instructions General Journal General Journal Instructions 1. Discarding an asset a. On January 4, shelving units, which had a cost of $7,000 and had accumulated depreciation of $6,530, were discarded b. On June 15, a hand cart, which had a cost of $1,570 and had accumulated depreciation of $1,450, was sold for $120. c. On October 1, a copy machine, which had a cost of $6,790 and had accumulated depreciation of $6,430, was sold for $390. f an amount box doesn reaujre an entry, laxe r lank. Prepare the entries for the transactions using a general journal. 2. Exchange or trade-in of assets. a. On December 31, a drill press, which had a cost of $59,390 and had accumulated depreciation of $48,270, was traded in for a new dril press with a fair market value of $76,100. The old drill press and $66,660 in cash were given for the new drill press. b. On December 31, the old drill press in (a) and $62,170 in cash were given for the new drill press. If an amount box does not require an entry, leave it blank Prepare the entries for the transactions using a general journal

Explanation / Answer

General Journal

date

explanation

DOC.No.

Ref.No.

Debit

credit

4-Jan

accumulated depreciation

6530

loss on discard of shelving units

470

shelving units

7000

15-Jun

cash

120

accumulated depreciation

1450

hand cart

1570

1-Oct

cash

390

accumulated depreciation

6430

gain on sale of copy machine

30

copy machine

6790

date

explanation

DOC.No.

Ref.No.

Debit

credit

31-Dec

new drill

76100

accumulated depreciation-old drill

48270

loss on exchange of old drill

1680

cash

66660

old drill

59390

31-Dec

new drill

76100

accumulated depreciation-old drill

48270

gain on exchange of old drill

2810

cash

62170

old drill

59390

General Journal

date

explanation

DOC.No.

Ref.No.

Debit

credit

4-Jan

accumulated depreciation

6530

loss on discard of shelving units

470

shelving units

7000

15-Jun

cash

120

accumulated depreciation

1450

hand cart

1570

1-Oct

cash

390

accumulated depreciation

6430

gain on sale of copy machine

30

copy machine

6790

date

explanation

DOC.No.

Ref.No.

Debit

credit

31-Dec

new drill

76100

accumulated depreciation-old drill

48270

loss on exchange of old drill

1680

cash

66660

old drill

59390

31-Dec

new drill

76100

accumulated depreciation-old drill

48270

gain on exchange of old drill

2810

cash

62170

old drill

59390

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