Practice 2:The business sold this asset on June 30, 2016. The disposal amount received was $100.00.Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided.The journal page is 32 and the source document for the disposal transaction is Receipt 18.123DateBoughtDatePLANT ASSET RECORD No.YEAR200820092010201120122013201420152016Description Filing CabinetDisposed of:July 1, 2008EstimatedUseful Life8 yearsDATEAnnual Depreciation Expense$84.38$168.75$168.75$168.75$168.75$168.75$168.75$168.75$84.3899DiscardedEstimatedSalvageValueSerial # Y458725PPACCOUNT TITLE$150.00SoldAccumulated Depreciation$84.38$253.13$421.88$590.63$759.38$928.13$1,096.88$1,265.63$1,350.00General Ledger Account No. 1160POSTDOC NO. REF.G/L Account Store EquipmentCASH RECEIPTS JOURNALDisposal AmountOriginal Cost $1,500.00GENERALDepreciationDEBIT CREDITMethod Straight-LineTradedEnding Book Value$1,415.63$1,246.88$1,078.13$909.38$740.63$571.88$403.13$234.38$150.00ACCTS.REC. SALESCREDIT CREDITSALES TAXPAYABLEPAGESALESDISC. CASHDEBIT DEBIT DEBIT DEBIT123 Now it's your turn. Complete the next three Plant Asset Records and Cash Receipt JournalsQuestions? Contact your instructor!Practice #1:The business sold this asset on June 28, 2016. The disposal amount received was $750.00.Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided.The journal page is 20 and the source document for the disposal transaction is Receipt 12.w|N|-|DateBoughtDatePLANT ASSET RECORD No.YEAR201120122013201420152016Description Display CaseDisposed of:July 1, 2011EstimatedUseful Life5 yearsDATEAnnual Depreciation Expense$375.00$750.00$750.00$750.00$750.00$375.0092DiscardedEstimatedSalvageValueSerial # Y458725PPACCOUNT TITLE$750.00SoldAccumulated Depreciation$375.00$1,125.00$1,875.00$2,625.00$3,375.00$3,750.00General Ledger Account No. 1160POSTDOC NO. REF.G/L Account Store EquipmentCASH RECEIPTS JOURNALDisposal AmountOriginal Cost $4,500.00DepreciationGENERALMethod Straight-LineTradedEnding Book Value$4,125.00$3,375.00$2,625.00$1,875.00$1,125.00$750.00SALES TAXPAYABLEPAGESALESACCTS.REC. SALESDISC.DEBIT CREDIT CREDIT CREDIT DEBIT DEBIT DEBITCASHDEBIT12

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Description: Practice 2:The business sold this asset on June 30, 2016. The disposal amount received was $100.00.Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided.The journal page is 32 and

The depreciation on a asset is to be charged to Income Statement. At, the end of life when an asset…

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The business sold this asset on June 30, 2016. The disposal amount received was $100.00. Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided. The journal page is 32 and the source document for the disposal transaction is Receipt 18.

The business sold this asset on June 30, 2016. The disposal amount received was $100.00. Complete the disposal section of the plant asset record and journalize the disposal transaction using the journal provided. The journal page is 32 and the source document for the disposal transaction is Receipt 18.

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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