On June 30, 2022, the company sold old equipment for $14,400. The equipment originally cost $21,600 and had accumulated depreciation to the date of disposal of $9,000. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit June 30, 2022
On June 30, 2022, the company sold old equipment for $14,400. The equipment originally cost $21,600 and had accumulated depreciation to the date of disposal of $9,000. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit June 30, 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please see below. Need help with this asap please and thank you.
Transcribed Image Text:Prepare the journal entries to record the following transactions for Crane Company, which has a calendar year end and uses the
straight-line method of depreciation.
(a)
Transcribed Image Text:On June 30, 2022, the company sold old equipment for $14,400. The equipment originally cost $21,600 and had accumulated
depreciation to the date of disposal of $9,000. (Credit account titles are automatically indented when the 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.)
Date
Account Titles and Explanation
Debit
Credit
June 30,
2022
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