1.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on a daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if nothing is received from disposal.
2.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if it is sold for $35,000 cash.
3.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if it is sold for $68,000 cash.
4.
Introduction: Journal entries are recording of non-economic & economic transactions of a business in the books of accounts. The entries are made on daily basis. Each entry affects two accounts; one is debited, and another is credited.
To prepare: The entry to record disposal of machinery if it is sold for $80,000 cash.

Want to see the full answer?
Check out a sample textbook solution
Chapter 8 Solutions
FINANCIAL ACCT-CONNECT
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





