Rayya Company purchases a machine for $100,800 on January 1, 2021. Straight-line depreciation is taken each year for four yearsassuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service.Prepare entries to record the partial year's depreciation on July 1, 2025, and to record the sale under each separate situation. (1) Themachine is sold for $43,200 cash. (2) The machine is sold for $34,560 cash.View transaction listJournal entry worksheetRecord the depreciation expense as of July 1, 2025.Note: Enter debits before credits.DateJuly 01, 2025Record entryGeneral JournalClear entryDebit CreditView general JournalJournal entry worksheet< 1 2 3Record the sale of the machinery for $43,200 cash.Note: Enter debits before credits.DateJuly 01, 2025Record entryGeneral JournalClear entryDebitCreditView general journal>Journal entry worksheet< 1 2 3Record the machine sold for $34,560 cash.Note: Enter debits before credits.DateJuly 01, 2025Record entryGeneral JournalClear entryDebit CreditView general Journal

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Description: Rayya Company purchases a machine for $100,800 on January 1, 2021. Straight-line depreciation is taken each year for four yearsassuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service.Pre

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Rayya Company purchases a machine for $100,800 on January 1, 2021. Straight line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2025, and to record the sale under each separate situation. The machine is sold for $43,200 cash. (2) The machine is sold for $34,560 cash. Journal entry worksheet Record the depreciation expense as of July 1, 2025. Note: Enter debts before credits Date July 01, 2025 Record entry General Journal Clear Debit Credit View general al > Journal entry worksheet < 1 2 3 Record the sale of the machinery for $43,200 cash. Note: Enter debits before credits Date July 01, 2025 Record entry General Journal Clear entry Debit Credit View general journal Journal entry worksheet Record the machine sold for $34,560 cash. Note: Enter debits before credits Date July 01, 2025 Record entry General Journal Clear entry Debit Credit View general journal

Rayya Company purchases a machine for $100,800 on January 1, 2021. Straight line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2025, and to record the sale under each separate situation. The machine is sold for $43,200 cash. (2) The machine is sold for $34,560 cash. Journal entry worksheet Record the depreciation expense as of July 1, 2025. Note: Enter debts before credits Date July 01, 2025 Record entry General Journal Clear Debit Credit View general al > Journal entry worksheet < 1 2 3 Record the sale of the machinery for $43,200 cash. Note: Enter debits before credits Date July 01, 2025 Record entry General Journal Clear entry Debit Credit View general journal Journal entry worksheet Record the machine sold for $34,560 cash. Note: Enter debits before credits Date July 01, 2025 Record entry General Journal Clear entry Debit Credit View general journal

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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