Garcia Company owns equipment that cost $77,600, with accumulated depreciation of $41,200. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $47,600 cash, (2) $36,400 cash, and (3) $31,300 cash. View transaction list Journal entry worksheet

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please do not give solution in image format thanku 

Garcia Company owns equipment that cost $77,600, with accumulated depreciation of $41,200.
Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $47,600 cash,
(2) $36,400 cash, and (3) $31,300 cash.
View transaction list
Journal entry worksheet
<
A
в с
Record the sale of equipment assuming Garcia sells the equipment for $47,600
cash.
Note: Enter debits before credits.
Transaction
Record entry
General Journal
Clear entry
Debit
Credit
>
View general journal
Transcribed Image Text:Garcia Company owns equipment that cost $77,600, with accumulated depreciation of $41,200. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $47,600 cash, (2) $36,400 cash, and (3) $31,300 cash. View transaction list Journal entry worksheet < A в с Record the sale of equipment assuming Garcia sells the equipment for $47,600 cash. Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit > View general journal
Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment
(2) $36,400 cash, and (3) $31,300 cash.
View transaction list
Journal entry worksheet
< A
Record the sale of equipment assuming Garcia sells the equipment for $36,400
cash.
Transaction
2
B
Note: Enter debits before credits.
Record entry
View transaction list
A
C
Journal entry worksheet
B
Transaction
3
Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for
(2) $36,400 cash, and (3) $31,300 cash.
General Journal
C
Note: Enter debits before credits.
Record entry
Clear entry
Record the sale of equipment assuming Garcia sells the equipment for $31,300
cash.
Debit
General Journal
Clear entry
Credit
View general journal
Debit
Credit
View general journal
Transcribed Image Text:Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment (2) $36,400 cash, and (3) $31,300 cash. View transaction list Journal entry worksheet < A Record the sale of equipment assuming Garcia sells the equipment for $36,400 cash. Transaction 2 B Note: Enter debits before credits. Record entry View transaction list A C Journal entry worksheet B Transaction 3 Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (2) $36,400 cash, and (3) $31,300 cash. General Journal C Note: Enter debits before credits. Record entry Clear entry Record the sale of equipment assuming Garcia sells the equipment for $31,300 cash. Debit General Journal Clear entry Credit View general journal Debit Credit View general journal
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Property, Plant and Equipment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education