Presented below are selected transactions at Sarasota Company for 2020. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $60,300 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $15,100. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $41,940. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Sarasota Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount (To record depreciation to date of disposal) choose a transaction date enter an account title to record sale of computer enter a debit amount enter a credit amount enter an account title to record sale of computer enter a debit amount enter a credit amount enter an account title to record sale of computer enter a debit amount enter a credit amount enter an account title to record sale of computer enter a debit amount enter a credit amount (To record sale of computer) choose a transaction date enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount (To record depreciation to date of disposal) Dec. 31 enter an account title to record retirement of truck on December 31 enter a debit amount enter a credit amount enter an account title to record retirement of truck on December 31 enter a debit amount enter a credit amount enter an account title to record retirement of truck on December 31 enter a debit amount enter a credit amount (To record retirement of truck)

Presented below are selected transactions at Sarasota Company for 2020. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $60,300 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $15,100. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $41,940. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Sarasota Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount (To record depreciation to date of disposal) choose a transaction date enter an account title to record sale of computer enter a debit amount enter a credit amount enter an account title to record sale of computer enter a debit amount enter a credit amount enter an account title to record sale of computer enter a debit amount enter a credit amount enter an account title to record sale of computer enter a debit amount enter a credit amount (To record sale of computer) choose a transaction date enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount enter an account title to record depreciation to date of disposal enter a debit amount enter a credit amount (To record depreciation to date of disposal) Dec. 31 enter an account title to record retirement of truck on December 31 enter a debit amount enter a credit amount enter an account title to record retirement of truck on December 31 enter a debit amount enter a credit amount enter an account title to record retirement of truck on December 31 enter a debit amount enter a credit amount (To record retirement of truck)

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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Presented below are selected transactions at Sarasota Company for 2020.

Jan.	1	Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $60,300 on that date. It had a useful life of 10 years with no salvage value.
June	30	Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $15,100.
Dec.	31	Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $41,940. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Sarasota Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title to record depreciation to date of disposal

enter a debit amount

enter a credit amount

enter an account title to record depreciation to date of disposal

enter a debit amount

enter a credit amount

(To record depreciation to date of disposal)

choose a transaction date

enter an account title to record sale of computer

enter a debit amount

enter a credit amount

enter an account title to record sale of computer

enter a debit amount

enter a credit amount

enter an account title to record sale of computer

enter a debit amount

enter a credit amount

enter an account title to record sale of computer

enter a debit amount

enter a credit amount

(To record sale of computer)

choose a transaction date

enter an account title to record depreciation to date of disposal

enter a debit amount

enter a credit amount

enter an account title to record depreciation to date of disposal

enter a debit amount

enter a credit amount

(To record depreciation to date of disposal)

Dec. 31

enter an account title to record retirement of truck on December 31

enter a debit amount

enter a credit amount

enter an account title to record retirement of truck on December 31

enter a debit amount

enter a credit amount

enter an account title to record retirement of truck on December 31

enter a debit amount

enter a credit amount

(To record retirement of truck)

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