**Diaz Company Machine Disposal Accounting**Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,700. The following journal entries are required to record the disposal of the machine on January 1 in each separate situation:1. **The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.**2. **Diaz sold the machine for $17,100 cash.**3. **Diaz sold the machine for $32,600 cash.**4. **Diaz sold the machine for $40,800 cash.**You can view the detailed transaction list by clicking the "View transaction list" button.**Journal Entry Worksheet Explanation:**The worksheet is divided into sections for each situation described. Each section allows you to record the necessary journal entry for the respective scenario. Debits and credits should be entered according to the rules of accounting, ensuring that debits are listed before credits. - **Date**: Indicates the transaction date, January 1.- **General Journal**: Space to describe the transaction.- **Debit and Credit Columns**: For financial figures affecting the accounts.The instructional note reminds users that debits must be entered before credits in the worksheet.The diagram consists of a journal entry worksheet with navigation arrows for each scenario, indicating you should record entries for different situations regarding the disposal of the machine.

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,700. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine receiving nothing in return. 2. Diaz sold the machine for $17,100 cash. 3. Diaz sold the machine for $32,600 cash. 4. Diaz sold the machine for $40,800 cash. View transaction list Journal entry worksheet 1 2 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date January 01 General Journal Debit Credit >

Diaz Company owns a machine that cost $125,300 and has accumulated depreciation of $92,700. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine receiving nothing in return. 2. Diaz sold the machine for $17,100 cash. 3. Diaz sold the machine for $32,600 cash. 4. Diaz sold the machine for $40,800 cash. View transaction list Journal entry worksheet 1 2 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date January 01 General Journal Debit Credit >

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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1
A personal computer that originally cost $5,000 has no estimated salvage value and was depreciated at the rate of 20% a year. At the end of the third year, the computer was sold for $1,500 cash. The transaction would result in a a. loss of $1,500. Ob. gain of $250. Oc. loss of $250. Od. gain of $1,500.
The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,640 and their Accumulated Depreciation was $4,640. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,280. Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Diaz Company owns machine that cost $126,300 and has accumulated depreciation of $93,000. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,600 cash. 3. Diaz sold the machine for $33,300 cash. 4. Diaz sold the machine for $40,400 cash. View transaction list Journal entry worksheet 1 2 Record the disposal of the machine receiving nothing in return. Date January 01 3 4 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general Journal >