Blue Spruce Corp. sells office equipment on July 31, 2022, for $17,600 cash. The office equipment originally cost $72,700 and as January 1, 2022, had accumulated depreciation of $41,700. Depreciation for the first 7 months of 2022 is $4,850. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Ent for the account titles and enter O for the amounts.)

Blue Spruce Corp. sells office equipment on July 31, 2022, for $17,600 cash. The office equipment originally cost $72,700 and as January 1, 2022, had accumulated depreciation of $41,700. Depreciation for the first 7 months of 2022 is $4,850. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Ent for the account titles and enter O for the amounts.)

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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