Current Attempt in Progress Your answer is partially correct. Pharoah Company owns equipment that cost $72,800 when purchased on January 1, 2022. It has been depreciated using the straight- line method based on an estimated salvage value of $5,600 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. 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 O for the amounts.) (a) Sold for $34,720 on January 1, 2025. (b) Sold for $34,720 on May 1, 2025. (c) Sold for $12,320 on January 1, 2025. (d) Sold for $12,320 on October 1, 2025. No. Account Titles and Explanation (a) Cash Debit 34720 Credit
Current Attempt in Progress Your answer is partially correct. Pharoah Company owns equipment that cost $72,800 when purchased on January 1, 2022. It has been depreciated using the straight- line method based on an estimated salvage value of $5,600 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. 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 O for the amounts.) (a) Sold for $34,720 on January 1, 2025. (b) Sold for $34,720 on May 1, 2025. (c) Sold for $12,320 on January 1, 2025. (d) Sold for $12,320 on October 1, 2025. No. Account Titles and Explanation (a) Cash Debit 34720 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Current Attempt in Progress
Your answer is partially correct.
Pharoah Company owns equipment that cost $72,800 when purchased on January 1, 2022. It has been depreciated using the straight-
line method based on an estimated salvage value of $5,600 and an estimated useful life of 5 years.
Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit
entries before credit entries. 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 O for the amounts.)
(a)
Sold for $34,720 on January 1, 2025.
(b)
Sold for $34,720 on May 1, 2025.
(c)
Sold for $12,320 on January 1, 2025.
(d)
Sold for $12,320 on October 1, 2025.
No. Account Titles and Explanation
(a)
Cash
Debit
34720
Credit
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