### InstructionsComputer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.)#### Required:Journalize the following entries:a. **Record the depreciation for the one-half year prior to the sale, using the straight-line method.**b. **Record the sale of the equipment.**c. **Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.***Refer to the Chart of Accounts for exact wording of account titles.*---This section involves the analysis and recording of transactions related to the depreciation and sale of a long-term asset, specifically office computer equipment. By following the outlined steps, you will gain practical experience in handling depreciation and sale entries, important aspects of asset management in accounting.

Transaction General Journal Debit Credit a Depreciation expense-Office Equipment…

Answered: 00 cash. (Appropriate entries for…

00 cash. (Appropriate entries for Required: Journalize the following entries 1. Record the depreciation for th- . Record the sale of the equipm Assuming that the equipment.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Visit www.sec.gov/edgar and search for the BJ's Wholesale annual report (10-K) for the year ended February 1, 2020, using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). Search or scroll within the annual report to find the balance sheet, labeled "Consolidated Balance Sheets." Required: 1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. 2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the…
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