Brief Exercise 9-08 Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as of January 1, 2022, had accumulated depreciation of $38,300. Depreciation for the first 7 months of 2022 is $3,500.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 Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) Enter an account title to update depreciation to July 31 Enter a debit amount Enter a credit amount enter an account title to update depreciation to July 31 Enter a debit amount Enter a credit amount (b) Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount Enter an account title to record the sale of the equipment Enter a debit amount Enter a credit amount Click if you would like to Show Work for this question:

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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Brief Exercise 9-08

Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as of January 1, 2022, had accumulated depreciation of $38,300. Depreciation for the first 7 months of 2022 is $3,500.

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 Entry" for the account titles and enter 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
(a)	Enter an account title to update depreciation to July 31	Enter a debit amount	Enter a credit amount
	enter an account title to update depreciation to July 31	Enter a debit amount	Enter a credit amount
(b)	Enter an account title to record the sale of the equipment	Enter a debit amount	Enter a credit amount
	Enter an account title to record the sale of the equipment	Enter a debit amount	Enter a credit amount
	Enter an account title to record the sale of the equipment	Enter a debit amount	Enter a credit amount
	Enter an account title to record the sale of the equipment	Enter a debit amount	Enter a credit amount

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