contestada

Jolie Company owns equipment with a cost of $342,500 and accumulated depreciation of $222,625.

Required:
Prepare the journal entry to record the disposal of the equipment on April 9.

Respuesta :

anthougo

The required journal entries in the books of Jolie Company to record the disposal of the equipment are as follows:

Journal Entries:

Debit Sale of Equipment $342,500

Credit Equipment $342,500

  • To transfer Equipment to Sale of Equipment account.

Debit Accumulated Depreciation $222,625

Credit Sale of Equipment $222,625

  • To transfer Accumulated Depreciation to Sale of Equipment account.

Data Analysis:

Sale of Equipment $342,500 Equipment $342,500

Accumulated Depreciation $222,625 Sale of Equipment $222,625

If the disposal or sale is for cash, the Cash Account is debited while the Sale of Equipment is credited.  From the Sale of Equipment account, the profit or loss from disposal will be determined.

Learn more: https://brainly.com/question/17073047

Otras preguntas