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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** **Instructions:** This section provides fields for recording different financial activities related to the depreciation and disposal of assets. Fill in the appropriate data as follows: 1. **June 30** - **Purpose:** To record depreciation to the date of disposal. - **Fields:** Three lines are provided, each with two columns for entering specific financial data. 2. **To Record Sale of Computer** - **Fields:** Three lines available for detailed entries. 3. **December 31** - **Purpose:** To record depreciation to the date of disposal. - **Fields:** Three lines with two columns for inputting relevant information. 4. **To Record Retirement of Truck** - **Fields:** Three lines provided for the necessary entries. **Dropdown Menu:** - A dropdown menu on the left shows options for dates: - Jan. 1 - June 30 - Dec. 31 Use this guide to systematically fill out each section with the required financial data for accurate record-keeping and analysis.
Transcribed Image Text:**Question 4 of 9** **Instructions:** This section provides fields for recording different financial activities related to the depreciation and disposal of assets. Fill in the appropriate data as follows: 1. **June 30** - **Purpose:** To record depreciation to the date of disposal. - **Fields:** Three lines are provided, each with two columns for entering specific financial data. 2. **To Record Sale of Computer** - **Fields:** Three lines available for detailed entries. 3. **December 31** - **Purpose:** To record depreciation to the date of disposal. - **Fields:** Three lines with two columns for inputting relevant information. 4. **To Record Retirement of Truck** - **Fields:** Three lines provided for the necessary entries. **Dropdown Menu:** - A dropdown menu on the left shows options for dates: - Jan. 1 - June 30 - Dec. 31 Use this guide to systematically fill out each section with the required financial data for accurate record-keeping and analysis.
Here are selected 2022 transactions of Novak Corp: - **Jan. 1:** 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. - **June 30:** 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. - **Dec. 31:** 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. **Instructions:** 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 the 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. **Table:** - The table has columns for Date, Account Titles and Explanation, Debit, and Credit. - A dropdown menu allows selection among the dates: Jan. 1, June 30, and Dec. 31.
Transcribed Image Text:Here are selected 2022 transactions of Novak Corp: - **Jan. 1:** 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. - **June 30:** 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. - **Dec. 31:** 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. **Instructions:** 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 the 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. **Table:** - The table has columns for Date, Account Titles and Explanation, Debit, and Credit. - A dropdown menu allows selection among the dates: Jan. 1, June 30, and Dec. 31.
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