The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their Accumulated Depreciation was $4,460. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entr Required" in the first account field.) No Transaction Answer is not complete. General Journal Debit Credit
The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their Accumulated Depreciation was $4,460. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entr Required" in the first account field.) No Transaction Answer is not complete. General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following are the transactions of Morrell Corporation:
a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their
Accumulated Depreciation was $4,460. No residual value was received.
b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920.
Required:
Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
No
A
Transaction
Answer is not complete.
General Journal
Accumulated Depreciation Equipment
Equipment
Accumulated Depreciation-Equipment
Equipment
0000
O
Debit
4,460
2,920 x
Credit
4,460
4,460
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