Practice 3:The business sold this asset on December 27, 2015. The disposal amount received was $1,200.Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided.The journal page is 25 and the source document for the disposal transaction is Receipt 15.PLANT ASSET RECORD No.DateBought January 2, 2012DateDescription OvenYEAR2012201320142015Disposed of:EstimatedUseful LifeDATE4 yearsAnnual Depreciation Expense$750.00$750.00$750.00$750.0062DiscardedEstimatedSalvageValueSerial # NN24587PACCOUNT TITLE$1,000.00SoldAccumulated Depreciation$750.00$1,500.00$2,250.00$3,000.00General Ledger Account No. 1160POSTDOC NO. REF.G/L Account Store EquipmentCASH RECEIPTS JOURNALDisposal AmountOriginal CostGENERALDepreciationDEBIT CREDIT$4,000.00Method Straight-LineTradedEnding Book Value$3,250.00$2,500.00$1,750.00$1,000.00ACCTS.REC.SALESCREDIT CREDITSALES TAXPAYABLEDEBIT DEBITPAGESALESDISC.DEBITCASHDEBIT123

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Description: Practice 3:The business sold this asset on December 27, 2015. The disposal amount received was $1,200.Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided.The journal page is 25 a

Given in the question: It has been given that the asset which is oven has been sold by the business…

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The business sold this asset on December 27, 2015. The disposal amount received was $1,200. Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided.

The business sold this asset on December 27, 2015. The disposal amount received was $1,200. Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided.

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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