Journal Entries: Disposition of Plant Assets Prepare the entries for the transactions using a general journal. 1. Discarding an asset. a. On January 4, shelving units, which had a cost of $6,400 and had accumulated depreciation of $5,900, were discarded. b. On June 15, a hand cart, which had a cost of $1,500 and had accumulated depreciation of $1,350, was sold for $150. On October 1, a copy machine, which had a cost of $7,200 and had accumulated depreciation of $6,800, was sold for $450. Page: 1

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Journal Entries: Disposition of Plant Assets
Prepare the entries for the transactions using a general journal.
1. Discarding an asset.
a. On January 4, shelving units, which had a cost of $6,400 and had accumulated
depreciation of $5,900, were discarded.
b. On June 15, a hand cart, which had a cost of $1,500 and had accumulated
depreciation of $1,350, was sold for $150.
c. On October 1, a copy machine, which had a cost of $7,200 and had accumulated
depreciation of $6,800, was sold for $450.
Page: 1
DOC. POST.
NO. REF.
DATE ACCOUNT TITLE
DEBIT
CREDIT
20--
1
Jan. 4
2
2
3
4.
4
June 15
6
6
7
7
8
9.
Oct. 1
9
10
10
11
11
12
12
2. Exchange or trade-in of assets.
a. On December 31, a drill press, which had a cost of $60,000 and had accumulated
depreciation of $48,000, was traded in for a new drill press with a fair market
value of $75,000. The old drill press and $65,000 in cash were given for the new
drill press.
b. On December 31, the old drill press in (a) and $60,000 in cash were given for the
new drill press.
Page: 1
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
20--
1
Dec. 31
2
3
4
4
5.
6.
6.
7
31
7
8
9.
9
10
10
11
11
Transcribed Image Text:Journal Entries: Disposition of Plant Assets Prepare the entries for the transactions using a general journal. 1. Discarding an asset. a. On January 4, shelving units, which had a cost of $6,400 and had accumulated depreciation of $5,900, were discarded. b. On June 15, a hand cart, which had a cost of $1,500 and had accumulated depreciation of $1,350, was sold for $150. c. On October 1, a copy machine, which had a cost of $7,200 and had accumulated depreciation of $6,800, was sold for $450. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Jan. 4 2 2 3 4. 4 June 15 6 6 7 7 8 9. Oct. 1 9 10 10 11 11 12 12 2. Exchange or trade-in of assets. a. On December 31, a drill press, which had a cost of $60,000 and had accumulated depreciation of $48,000, was traded in for a new drill press with a fair market value of $75,000. The old drill press and $65,000 in cash were given for the new drill press. b. On December 31, the old drill press in (a) and $60,000 in cash were given for the new drill press. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 2 3 4 4 5. 6. 6. 7 31 7 8 9. 9 10 10 11 11
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