Problem 9-3A Carla Vista Co. had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life(in years) Salvage Value Machinery $80,940 Jan. 1, 2007 10 $ 0 Forklift 34,200 Jan. 1, 2014 5 0 Truck 38,080 Jan. 1, 2012 8 3,424 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,680. The truck was discarded on December 31.Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 1June 30Dec. 31 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 Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount (To record depreciation expense on forklift) June 30 enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount (To record sale of forklift) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount (To record depreciation expense on truck) Dec. 31 enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount (To record sale of truck)

Problem 9-3A Carla Vista Co. had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life(in years) Salvage Value Machinery $80,940 Jan. 1, 2007 10 $ 0 Forklift 34,200 Jan. 1, 2014 5 0 Truck 38,080 Jan. 1, 2012 8 3,424 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,680. The truck was discarded on December 31.Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 1June 30Dec. 31 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 Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount (To record depreciation expense on forklift) June 30 enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount (To record sale of forklift) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount (To record depreciation expense on truck) Dec. 31 enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount (To record sale of truck)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Problem 9-3A

Carla Vista Co. had the following assets on January 1, 2017.

Item	Cost	Purchase Date	Useful Life (in years)	Salvage Value
Machinery	$80,940	Jan. 1, 2007	10	$ 0
Forklift	34,200	Jan. 1, 2014	5	0
Truck	38,080	Jan. 1, 2012	8	3,424

During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,680. The truck was discarded on December 31.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 1June 30Dec. 31	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 Jan. 1June 30Dec. 31	enter an account title to record depreciation expense on forklift	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense on forklift	enter a debit amount	enter a credit amount
	(To record depreciation expense on forklift)
June 30	enter an account title to record sale of forklift on June 30	enter a debit amount	enter a credit amount
	enter an account title to record sale of forklift on June 30	enter a debit amount	enter a credit amount
	enter an account title to record sale of forklift on June 30	enter a debit amount	enter a credit amount
	enter an account title to record sale of forklift on June 30	enter a debit amount	enter a credit amount
	(To record sale of forklift)
choose a transaction date Jan. 1June 30Dec. 31	enter an account title to record depreciation expense on truck	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense on truck	enter a debit amount	enter a credit amount
	(To record depreciation expense on truck)
Dec. 31	enter an account title to record sale of truck on December 31	enter a debit amount	enter a credit amount
	enter an account title to record sale of truck on December 31	enter a debit amount	enter a credit amount
	enter an account title to record sale of truck on December 31	enter a debit amount	enter a credit amount
	(To record sale of truck)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.