Current Attempt in ProgressOn July 1, 2014, Sheridan Enterprises sold equipment with an original cost of $79,000 for $30,600. The equipment was purchasedJanuary 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $8,400 salvage value. Preparethe journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do notindent manually)Account Titles and ExplanationCashAccumulated Depreciation-EquipmentEquipmentgain onDebitCreditIHI

Name: Current Attempt in ProgressOn July 1, 2014, Sheridan Enterprises sold
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Description: Current Attempt in ProgressOn July 1, 2014, Sheridan Enterprises sold equipment with an original cost of $79,000 for $30,600. The equipment was purchasedJanuary 1, 2011, and was depreciated using the straight-line method over a five-year useful life

The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the…

Business

Accounting

On July 1, 2014, Sheridan Enterprises sold equipment with an original cost of $79,000 for $30,600. The equipment was purchase January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $8,400 salvage value. Prepa the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Cash Accumulated Depreciation-Equipment Debit Credit

On July 1, 2014, Sheridan Enterprises sold equipment with an original cost of $79,000 for $30,600. The equipment was purchase January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $8,400 salvage value. Prepa the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Cash Accumulated Depreciation-Equipment Debit Credit

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 26E

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Current Attempt in Progress
On July 1, 2014, Sheridan Enterprises sold equipment with an original cost of $79,000 for $30,600. The equipment was purchased
January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $8,400 salvage value. Prepare
the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not
indent manually)
Account Titles and Explanation
Cash
Accumulated Depreciation-Equipment
Equipment
gain on
Debit
Credit
IHI

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Subject:- Account
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