On September 30, 2022, the company sold old equipment for $27,600. The equipment was purchased on January 1, 2020, for $57,600 and was estimated to have a $9,600 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2021. (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 September 30, 2022 (To record depreciation expense for the first 9 months of 2022) (To record sale of delivery equipment)
On September 30, 2022, the company sold old equipment for $27,600. The equipment was purchased on January 1, 2020, for $57,600 and was estimated to have a $9,600 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2021. (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 September 30, 2022 (To record depreciation expense for the first 9 months of 2022) (To record sale of delivery equipment)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On September 30, 2022, the company sold old equipment for $27,600. The equipment was purchased on January 1, 2020, for
$57,600 and was estimated to have a $9,600 salvage value at the end of its 5-year life. Depreciation on the equipment has been
recorded through December 31, 2021. (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
September 30, 2022
(To record depreciation expense for the first 9 months
of 2022)
(To record sale of delivery equipment)
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