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REQUIRED: Record these transactions, including any necessary entries for the part-year depreciation. Cr Date Account Dr

REQUIRED: Record these transactions, including any necessary entries for the part-year depreciation. Cr Date Account Dr

FINANCIAL ACCOUNTING
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 for Sackville Manufacturing for 2018. Sackville Manufacturing uses straight-line depreciation and records adjusting entries annually at its December 31 year end. January 1 Sold a delivery van for $18,000 cash. It had purchased the van on January 1, 2014, at a cost of $62,000. The equipment has an estimated residual value of $6,000 and an expected useful life of 4 years. September 1 Sold computers for $500 cash. It had purchased them on on January 1, 2016, at a cost of $10,980. The computers had no residual value and an expected useful life of 3 years. REQUIRED: Record these transactions, including any necessary entries for the part-year depreciation. Date Account Dr Cr
Transcribed Image Text:Presented below are selected transactions for Sackville Manufacturing for 2018. Sackville Manufacturing uses straight-line depreciation and records adjusting entries annually at its December 31 year end. January 1 Sold a delivery van for $18,000 cash. It had purchased the van on January 1, 2014, at a cost of $62,000. The equipment has an estimated residual value of $6,000 and an expected useful life of 4 years. September 1 Sold computers for $500 cash. It had purchased them on on January 1, 2016, at a cost of $10,980. The computers had no residual value and an expected useful life of 3 years. REQUIRED: Record these transactions, including any necessary entries for the part-year depreciation. Date Account Dr Cr
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