Sunland Company sells office equipment on July 31, 2027, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2027, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2027 is $4,090. Prepare a tabular summary to (a) update depreciation to July 31, 2027, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Bal. $ (a) (b) Cash 11 1A Assets Equipment Accum. Depr. - Equip. $ 001 Liabilities + 19

Sunland Company sells office equipment on July 31, 2027, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2027, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2027 is $4,090. Prepare a tabular summary to (a) update depreciation to July 31, 2027, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Bal. $ (a) (b) Cash 11 1A Assets Equipment Accum. Depr. - Equip. $ 001 Liabilities + 19

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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