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(To record depreciation to date of disposal) June 30 (To record sale of computer) Jan. 1 June 30 Dec. 31 (To record depreciation to date of disposal) Dec. 31 (To record retirement of truck)

(To record depreciation to date of disposal) June 30 (To record sale of computer) Jan. 1 June 30 Dec. 31 (To record depreciation to date of disposal) Dec. 31 (To record retirement of truck)

FINANCIAL ACCOUNTING
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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Question 4 of 9 -/ 1 (To record depreciation to date of disposal) June 30 (To record sale of computer) Jan. 1 June 30 Dec. 31 (To record depreciation to date of disposal) Dec. 31 (To record retirement of truck)
Transcribed Image Text:Question 4 of 9 -/ 1 (To record depreciation to date of disposal) June 30 (To record sale of computer) Jan. 1 June 30 Dec. 31 (To record depreciation to date of disposal) Dec. 31 (To record retirement of truck)
Question 4 of 9 - /1 E Current Attempt iN Progress Here are selected 2022 transactions of Novak Corp.. Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,800 and had a useful life of 10 years with no salvage value. Jan. 1 Sold a computer that was purchased on January 1, 2020. The computer cost $39,900 and had a useful life of 3 years with no salvage value. The computer was sold for $5,900 cash. June 30 Sold a delivery truck for $10,000 cash. The truck cost $33,600 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Dec. 31 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Novak Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations.) Date Account Titles and Explanation Debit Credit Jan. 1 June 30 Dec. 31
Transcribed Image Text:Question 4 of 9 - /1 E Current Attempt iN Progress Here are selected 2022 transactions of Novak Corp.. Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,800 and had a useful life of 10 years with no salvage value. Jan. 1 Sold a computer that was purchased on January 1, 2020. The computer cost $39,900 and had a useful life of 3 years with no salvage value. The computer was sold for $5,900 cash. June 30 Sold a delivery truck for $10,000 cash. The truck cost $33,600 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Dec. 31 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Novak Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations.) Date Account Titles and Explanation Debit Credit Jan. 1 June 30 Dec. 31
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