General Journal – O'Reilly Pty Ltd - Date 30/11/XX Disposal Machinery Details Transfer asset cost to Disposal Account 30/11/XX Accumulated depreciation (Machinery) Disposal Transfer asset accumulated depreciation to Disposal Account 30/11/XX Account receivable (Cash) Disposal GST collected Sale of asset to Jake Strong 30/11/XX Disposal Profit on disposal Profit on disposal of asset 30/6/XX Profit on disposal Profit and loss Transfer Profit on disposal of asset to Profit and Loss account Debit Credit

General Journal – O'Reilly Pty Ltd - Date 30/11/XX Disposal Machinery Details Transfer asset cost to Disposal Account 30/11/XX Accumulated depreciation (Machinery) Disposal Transfer asset accumulated depreciation to Disposal Account 30/11/XX Account receivable (Cash) Disposal GST collected Sale of asset to Jake Strong 30/11/XX Disposal Profit on disposal Profit on disposal of asset 30/6/XX Profit on disposal Profit and loss Transfer Profit on disposal of asset to Profit and Loss account Debit Credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 60E

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