Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations: Disposal with no gain no loss : When the asset is disposed with no consideration received. Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation ). Disposal with loss: When the asset is disposed for less than its book value. To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

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Answer 1

Question

Chapter 9, Problem 9.10E

(a)

To determine

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

(b)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

(c)

To determine

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

(d)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

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Answer 2

Question

Chapter 9, Problem 9.10E

(a)

To determine

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

(b)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

(c)

To determine

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

(d)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

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Answer 3

Question

Chapter 9, Problem 9.10E

(a)

To determine

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

(b)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

(c)

To determine

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

(d)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

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Answer 4

Question

Chapter 9, Problem 9.10E

(a)

To determine

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

(b)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

(c)

To determine

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

(d)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

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Answer 5

Chapter 9, Problem 9.10E

(a)

To determine

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

(b)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

(c)

To determine

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

(d)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

Answer 6

Chapter 9, Problem 9.10E

(a)

To determine

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

Answer 7

Chapter 9, Problem 9.10E

(a)

To determine

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for the sale of the equipment for $31,000 cash on January 1, 2019

Answer 8

(b)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

Answer 9

(b)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

Answer 10

(c)

To determine

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

Answer 11

(c)

To determine

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

Answer 12

(d)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

Answer 13

(d)

To determine

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - 9. Distinguish between revenue expenditures and...Ch. 9 - Prob. 10Q

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To record: the journal entry for the sale of the equipment for $31,000 cash on May 1, 2019

To record: the journal entry for the sale of the equipment for $11,000 cash on January 1, 2019

To record: the journal entry for the sale of the equipment for $31,000 cash on October 1, 2019

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