Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes, $15,500, freight charges$6,500, and insurance during transit, $5,500, insurance for first year $10,000 . Assume that Keaubie Co. sold the equipment for $14,000 cash and accumulated depreciation on the equipment is $190,000, . Journalize the transaction.
Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes, $15,500, freight charges$6,500, and insurance during transit, $5,500, insurance for first year $10,000 . Assume that Keaubie Co. sold the equipment for $14,000 cash and accumulated depreciation on the equipment is $190,000, . Journalize the transaction.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 5CE: Prepare journal entries for the following transactions: a. A machine with a cost of 10,000 and...
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Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes, $15,500, freight charges$6,500, and insurance during transit, $5,500, insurance for first year $10,000 . Assume that Keaubie Co. sold the equipment for $14,000 cash and
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