Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $93,300. 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 $15,600 cash. 3. Diaz sold the machine for $32,400 cash. 4. Diaz sold the machine for $40,900 cash. View transaction list 1 Record the disposal of the machine receiving nothing in return. 2 Record the sale of the machine for $15,600 cash. 3 Record the sale of the machine for $32,400 cash. 4 Record the sale of the machine for $40,900 cash. Note : = journal entry has been entered Record entry Clear entry X Credit View general journal

Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $93,300. 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 $15,600 cash. 3. Diaz sold the machine for $32,400 cash. 4. Diaz sold the machine for $40,900 cash. View transaction list 1 Record the disposal of the machine receiving nothing in return. 2 Record the sale of the machine for $15,600 cash. 3 Record the sale of the machine for $32,400 cash. 4 Record the sale of the machine for $40,900 cash. Note : = journal entry has been entered Record entry Clear entry X Credit View general journal

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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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 >
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