Sheridan Company has delivery equipment that cost $56,800 and has been depreciated $24,300. Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when 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.) (a) It was scrapped as having no value. (b) It was sold for $36,400. (c) It was sold for $19,600.
Sheridan Company has delivery equipment that cost $56,800 and has been depreciated $24,300. Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when 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.) (a) It was scrapped as having no value. (b) It was sold for $36,400. (c) It was sold for $19,600.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sheridan Company has delivery equipment that cost $56,800 and has been
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when 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.)
| (a) | It was scrapped as having no value. | |
| (b) | It was sold for $36,400. | |
| (c) | It was sold for $19,600. |
Transcribed Image Text:### Account Transactions Template
This template is designed to assist in recording and organizing account transactions. It is structured to categorize and document debit and credit transactions in a systematic manner.
#### Template Structure
The table is composed of the following columns:
1. **No.**: The transaction reference number or letter label (a), (b), (c) etc.
2. **Account Titles and Explanation**: Detailed description of the account and the context for the transaction.
3. **Debit**: The amount debited to the account.
4. **Credit**: The amount credited to the account.
Each section (a), (b), (c) allows for multiple entries under the Account Titles and Explanation, Debit, and Credit columns, reflecting the complexity and detail of each transaction.
#### Table Layout
| No. | Account Titles and Explanation | Debit | Credit |
| :--: | ------------------------------ | ----- | ------ |
| (a) | | | |
| | | | |
| | | | |
| | | | |
| (b) | | | |
| | | | |
| | | | |
| | | | |
| (c) | | | |
| | | | |
| | | | |
| | | | |
#### Explanation of Use
- **No.** column provides a means of identifying and referencing each transaction or series of transactions.
- **Account Titles and Explanation** column is for detailing the specific accounts involved and any necessary explanations for clarity.
- **Debit and Credit** columns record the respective amounts for financial accuracy.
This structured approach ensures meticulous record-keeping and aids in the effective tracking and analyzing of financial transactions.
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