Gunkelson Company sells equipment on September 30, 2019, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2019, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2019 is $5,250. Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the sale of the equipment. (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.) No. Account Titles and Explanation Debit Credit (a) (b)
Gunkelson Company sells equipment on September 30, 2019, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2019, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2019 is $5,250. Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the sale of the equipment. (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.) No. Account Titles and Explanation Debit Credit (a) (b)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gunkelson Company sells equipment on September 30, 2019, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2019, had
Prepare the
Transcribed Image Text:Gunkelson Company sells equipment on September 30, 2019, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2019, had
accumulated depreciation of $42,000. Depreciation for the first 9 months of 2019 is $5,250.
Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the sale of the equipment. (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.)
No. Account Titles and Explanation
Debit
Credit
(a)
(b)
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