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Crane Company sells equipment on March 31, 2024, for $33,590 cash. The equipment was purchased on January 5, 2021, at a cost of $82,000, and had an estimated useful life of five years and a residual value of $3,100. Crane Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31.

Crane Company sells equipment on March 31, 2024, for $33,590 cash. The equipment was purchased on January 5, 2021, at a cost of $82,000, and had an estimated useful life of five years and a residual value of $3,100. Crane Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31.

FINANCIAL ACCOUNTING
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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(b) Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles Mar. 31 Cash Accumulated Depreciation - Equipment Equipment Gain on Disposal Debit eTextbook and Media List of Accounts. Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minute Attempts: 0 of 3 used Subm (c) The parts of this question must be completed in order. This part will be available when you com
Transcribed Image Text:(b) Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles Mar. 31 Cash Accumulated Depreciation - Equipment Equipment Gain on Disposal Debit eTextbook and Media List of Accounts. Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minute Attempts: 0 of 3 used Subm (c) The parts of this question must be completed in order. This part will be available when you com
Crane Company sells equipment on March 31, 2024, for $33,590 cash. The equipment was purchased on January 5, 2021, at a cost of $82,000, and had an estimated useful life of five years and a residual value of $3,100. Crane Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31. (a) Your answer is correct. Prepare the journal entry to update depreciation to March 31, 2024. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Titles iation Expense nulated Depreciation - Equipment eTextbook and Media Debit 3945 Credit 3945
Transcribed Image Text:Crane Company sells equipment on March 31, 2024, for $33,590 cash. The equipment was purchased on January 5, 2021, at a cost of $82,000, and had an estimated useful life of five years and a residual value of $3,100. Crane Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31. (a) Your answer is correct. Prepare the journal entry to update depreciation to March 31, 2024. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Titles iation Expense nulated Depreciation - Equipment eTextbook and Media Debit 3945 Credit 3945
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