Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25,000 of accumulated depreciation and received cash in the amount of $2,000. General Journal Description Debit Credit Cash Answer   Answer   Accumulated depreciation Answer   Answer   Answer Answer   Answer   Answer Answer   Answer   (2) Assume the same facts except Geysler received $8,000. General Journal Description Debit Credit Cash Answer   Answer   Answer Answer   Answer   Answer Answer   Answer   Equipment Answer   Answer

Q: Blossom Company had the following assets on January 1, 2025. Item Machinery Forklift Truck Cost…

A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Q: Equipment was acquired at the beginning of the year at a cost of $575,000. The equipment was…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Sheffield Corp. sells office equipment on July 31, 2022, for $19,200 cash. The office equipment…

A: Lets understand the basics.Journal entry is the act of keeping records of transactions in an…

Q: Journalizing partial-year depreciation and asset disposals and exchanges During 2018, Mora…

A: Journalizing is a process of recording the financial transactions in the books of an organization.…

Q: Want Answer of the question

A: simple bro  Accumulated depreciation on the asset = Cost of the asset - Book value of the Asset so,…

Q: Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: On January 2, Bering Company disposes of a machine costing $37,500 with accumulated depreciation of…

A: A journal entry is often recorded in the main ledger; however, it may also be entered in a…

Q: arcia Company owns equipment that cost $81,600, with accumulated depreciation of $43,200. cord the…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: A piece of equipment was purchased on 1/1/21 for $100,000, sales tax paid was $5,500, and delivery…

A: The double declining balance (DDB) depreciation method is an approach to accounting that involves…

Q: Create the fixed asset supporting schedule for the following purchases: Two fixed assets are…

A: Depreciation Expense-:A Depreciation Expense is the percentage reduced from the entire profit to…

Q: Company A purchased Company B for $156 cash. At the time of purchase, Company B had the following…

A: Lets understand the basics. When purchaser paid more than the net asset of the company then goodwill…

Q: On January 2, Bering Company disposes of a machine costing $57,600 with accumulated depreciation of…

A: A journal entry is often recorded in the main ledger; however, it may also be entered in a…

Q: Zenith Corporation sells some of its used store fixtures. The acquisition cost of the fixtures is…

A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…

Q: Windsor Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Georgia Peach has the following information regarding the sale of its equipment: Sales price $8,000…

A: Statement of cash flows is the one which is prepared to know the amount of cash inflows and outflows…

Q: On the basis of the details of the following fixed asset account, indicate the items to be reported…

A: The objective of the question is to identify the items to be reported on the statement of cash flows…

Q: The Bacon Company acquired new machinery with a price of $13,166 by trading in similar old machinery…

A: Given information is: The Bacon Company acquired new machinery with a price of $13,166 by trading in…

Q: Knowledge Check 01 On October 1, equipment costing $10,700, on which $7,070 of accumulated…

A: Lets understand the basics.When assets are sold then there can be either no profit no loss, profit…

Q: Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the…

A: This question deals with the statement of cashflow. Statement of cashflow indicates the cash inflow…

Q: Required information Skip to question   [The following information applies to the questions…

A: Journal Entry - Journal entry is the recording of business transaction in books of account, this is…

Q: On January 2, Bering Company disposes of a machine costing $53,000 with accumulated depreciation of…

A: When the sale proceeds from the disposal of assets is greater than the book value of the asset then…

Q: Indicate the effect each separate transaction has on investing cash flows. (Amounts to be deducted…

A: Cash Flow is a financial statement that includes inflows and outflows of cash during the financial…

Q: Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the…

A: Cash flows from investing activities are those cash flows that specifies cash inflows and outflows…

Q: (The following information applies to the questions displayed below] Onslow Company purchased a used…

A: Depreciation seems to be an expense that is accountable for lowering the value of fixed assets as…

Q: Prepare the journal entries to record the following transactions for Cullumber Wholesale Company,…

A: Journal entry :— It is an act of recording transaction in books of account when transaction…

Q: At the beginning of the current year, Andy Company has equipment that originally cost $40,000, has…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Miley Corp. exchanges old equipment that costs $12,000 (accumulated depreciation of $5,400) for new…

A: Honor Code- Since you have posted a question with multiple sub parts, we will provide the solution…

Q: Assuming Cash transactions and straightline depreciation,prepare journal entry to record purchase of…

A: Land and building combined cost has to be divided because land is non depreciable assets where as…

Q: Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales…

A: Introduction: Accounting journal entries are used for physical payment transactions in the…

Q: Equipment with an estimated market value of $29,467 is offered for sale at $47,671. The equipment is…

A: Equipment: It consists of the things including machines or tools that are used for a specific…

Q: tatem Flows On the basis of the details of the following fixed asset account, indicate the items to…

A: This question is related to Cash Flow Statement. In this question we have been asked to state the…

Q: please provide answer

A: Step 1: Gain on sale original formula Gain on sale = Proceeds - (Original cost - Accumulated…

Q: Which of the following amount represents the depreciation expense for the new cash register…

A: Given information is: A new cash register was purchased on 1 April 200X for R5000 cash. This…

Q: 7. A company purchased a POS cash register on January 1 for RMS,400. This register has a useful life…

A: Double Declining Balance Method:-it is the accelerated depreciation method, it calculates expenses…

Q: Disposal of Asset During  the  year  to  30  June  20X7,  Eugene  Ltd  sold  a  non-current  asset…

A: Carrying value = Cost-Accumulated depreciation =$180,000-$138,000 = $42,000 Loss on disposal = Sale…

Q: James Company sells a plant asset that originally cost $180,000 for $60,000 on December 31, 20x1.…

A: Calculation of book value of plant at the time of disposal : Book Value = Cost of asset -…

Q: Sale of EquipmentPrepare the journal entry for the following transactions: (1) Geysler Company sold…

A: The objective of the question is to prepare the journal entries for the sale of old equipment by…

Q: Ly Company disposed of two different assets. On January 1, prlor to disposal of the assets, the…

A: Disposal Accounting:-   Account titles & Explanations         Cash Accumulated…

Q: Sale of Asset Equipment acquired on January 9, 20Y3, at a cost of $50 residual value of $80,480, and…

A: Annual depreciation = (Cost - Residual value) / Useful life Annual depreciation Accumulated…

Q: Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Gaston owns equipment that cost $28,500 with accumulated depreciation of $5,700. Gaston sells the…

A: Journal entry is the act of keeping records of transactions in an accounting journal. Accounting…

Q: Buck Corporation sold equipment costing $30,000 with $28,000 of accumulated depreciation for $5,000…

A: Depreciation expense :— It is the allocation of depreciable cost of an asset over the estimated…

Q: Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $42,800. Garcia sells…

A: CARRYING AMOUNT OF THE ASSET :  = COST OF ASSET - ACCUMULATED DEPRECIATION    CASES :  1. IF SALE…

Q: 00 cash. (Appropriate entries for Required: Journalize the following entries 1. Record the…

A: Transaction                  General Journal Debit Credit a Depreciation expense-Office Equipment…

Q: Jones Co. recently sold a piece of equipment. Which of the following journal entries would be most…

A: Journal Entry - Journal Entry is the primary way of recording transactions entered into by the…