On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. No 1 Date January 02 Answer is not complete. General Journal Accumulated depreciation Loss on disposal of machinery Cash Machinery 0000 Debit 28,000 1,000 Credit 28,000 1,000

On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. No 1 Date January 02 Answer is not complete. General Journal Accumulated depreciation Loss on disposal of machinery Cash Machinery 0000 Debit 28,000 1,000 Credit 28,000 1,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On June 15, 2023, Family Furniture discarded equipment that had a cost of $27,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date June 15 .. Accounts and Explanation Debit Credit
Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year- end is December 31. • Cost of equipment = 36000 • Useful life in years = 4 • Residual value 0 • Date purchased April 1, 2021 • Date of disposal September 30, 2023 • Cash received on disposal 15000 What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? What is the amount of the gain or loss on the disposal? If a loss, start your answer with a - sign.
Prepare the necessary journal entries to record the following transactions in 2013 for the Hoover Company. April 13 - Sold a delivery truck for $7,000. The delivery truck originally cost $45,000 and had accumulated depreciation of $41,000 on the date of sale. Assume the depreciation on the truck has already been recorded for the current year. May 13 - Discarded old mixing equipment that originally cost $100,000 and had a book value of $14,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year. Oct. 13 - Sold a toaster for $5,000. The toaster originally cost $30,000 and had accumulated depreciation of $22,000 on the date of sale. Assume the depreciation on the toaster has already been recorded for the current year.
Ivanhoe Company built a warehouse for $396,000. It could have purchased the building for $464,000. The controller made the following entry. Buildings 464,000 Cash, Materials, Other Accounts 396,000 Profit on Construction 68,000 Prepare the entry that should have been made to record the acquisition. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit >
On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amount the debit or credit columns. View transaction list Journal entry worksheet 1 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Note: Enter debits before credits. Date Jan. 2 General Journal Accumulated depreciation Loss on disposal of machinery Equipment Debit 28,000 1,000 Credit 27,000
On 31 December, a finishing machine was sold. Accumulated depreciation to 30 June was $10,000. The depreciation for 6 months ended 31 December was $3,000. Its capital cost was $25,000 and accumulated depreciation was $13,000 at date of sale. The machine was sold for cash to Jake Strong for $14,300 (including GST). Balance date is 30 June. Based off the General ledger in image 1. Complete the table on Image 2.
A machine that cost $24,000 and on which $2,000 of Accumulated Depreciation has been recorded was sold on January 1. If the machine was sold for $18,000 cash, the journal entry to record this event would include a: a. Credit to the Machinery account for $22,000 b. Credit to Accumulated Depreciation for $20,000 Oc. Loss of $2,000 O d. Gain of $4,000 Oe. Debit to Accumulated Depreciation for $2,000
A company purchased a delivery van on October 1 of the current year at a cost of $40,000. The van is expected to last 6 years and has a salvage value of $2,200. The company's annual accounting period ends on December 31. 1. What is the depreciation expense for the first year, assuming the straight-line method is used? Cost Less: Salvage value Depreciable cost Year 1 depreciation --------------------------------> Show calculation: 2. What is the book value of the van at the end of the first year? Cost Less: Accumulated depreciation Book value
On June 15, 2023, Antique Furniture discarded equipment that had a cost of $20,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jun. 15
please dont provide answer in an image format thank you
How do I prepare this journal entry
None