Pina Colada Corp. sells office equipment on July 31, 2022, for $18,900 cash. The office equipment originally cost $73,100 and as of January 1, 2022, had accumulated depreciation of $41,800. Depreciation for the first 7 months of 2022 is $5,650. Your answer is partially correct. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when 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) No. Account Titles and Explanation Depreciation Expense (a) (b) Accumulated Depreciation Equipment Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets Debit 5650 18900 41800 73100 Credit 10000 5650

Pina Colada Corp. sells office equipment on July 31, 2022, for $18,900 cash. The office equipment originally cost $73,100 and as of January 1, 2022, had accumulated depreciation of $41,800. Depreciation for the first 7 months of 2022 is $5,650. Your answer is partially correct. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when 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) No. Account Titles and Explanation Depreciation Expense (a) (b) Accumulated Depreciation Equipment Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets Debit 5650 18900 41800 73100 Credit 10000 5650

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Every entry should have narrated, answer in text form please