Prepare journal entries for the following transactions for Sanchez Co. using the general journal.Feb.28Machinery that cost $57,000 and had accumulated depreciation of $46,000 was sold for $2,500.Apr.10A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.July16Equipment that cost $120,000 and had accumulated depreciation of $112,000 was traded in for new equipment with a fair market value of $140,000. The old equipment and $135,000 in cash were given for the new equipment.Aug.11Equipment that cost $50,000 and had accumulated depreciation of $43,000 was traded in for new equipment with a fair market value of $62,000. The old equipment and $55,000 in cash were given for the new equipment.Nov.10A truck that cost $44,000 and had accumulated depreciation of $38,000 was traded in for a new truck with a fair market value of $58,000. The old truck and $50,000 cash were given for the new truck.If an amount box does not require an entry, leave it blank. 1234СЛ670091011121920Date2122Feb. 28Apr. 101314 Aug. 1115161718 Nov. 10July 16Page: 1DESCRIPTIONPOST.REF.DEBITCREDIT12345678910111213141516171819202122

Date description post ref debit credit 1 Feb 28 Cash 2500 2 Loss on sale 8500 3…

Answered: 4 5 6 7 8 9 10 11 12 15 16 13 14 Aug.…

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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Prepare journal entries for the following transactions for Sanchez Co. using the general journal.

Feb.	28	Machinery that cost $57,000 and had accumulated depreciation of $46,000 was sold for $2,500.
Apr.	10	A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.
July	16	Equipment that cost $120,000 and had accumulated depreciation of $112,000 was traded in for new equipment with a fair market value of $140,000. The old equipment and $135,000 in cash were given for the new equipment.
Aug.	11	Equipment that cost $50,000 and had accumulated depreciation of $43,000 was traded in for new equipment with a fair market value of $62,000. The old equipment and $55,000 in cash were given for the new equipment.
Nov.	10	A truck that cost $44,000 and had accumulated depreciation of $38,000 was traded in for a new truck with a fair market value of $58,000. The old truck and $50,000 cash were given for the new truck.

If an amount box does not require an entry, leave it blank.

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