Current Attempt in ProgressYour answer is partially correct.Pharoah Company owns equipment that cost $72,800 when purchased on January 1, 2022. It has been depreciated using the straight-line method based on an estimated salvage value of $5,600 and an estimated useful life of 5 years.Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (List all debitentries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)(a)Sold for $34,720 on January 1, 2025.(b)Sold for $34,720 on May 1, 2025.(c)Sold for $12,320 on January 1, 2025.(d)Sold for $12,320 on October 1, 2025.No. Account Titles and Explanation(a)CashDebit34720Credit

The objective of the question is to prepare the journal entries for the sale of equipment under four…

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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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Carla Vista Company owns equipment that cost $62,400 when purchased on January 1, 2022. It has been depreciated using the straight-line method based on an estimated salvage value of $4,800 and an estimated useful life of 5 years. Prepare Carla Vista Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) (c) (d) Sold for $29,760 on January 1, 2025. Sold for $29,760 on May 1, 2025. Sold for $10,560 on January 1, 2025. Sold for $10,560 on October 1, 2025.
Current Attempt in Progress Sandhill Company owns equipment that cost $63,700 when purchased on January 1, 2022. It has been depreciated using the straight- line method based on an estimated salvage value of $4,900 and an estimated useful life of 5 years. Prepare Sandhill Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $30,380 on January 1, 2025. (b) Sold for $30,380 on May 1, 2025. (c) Sold for $10,780 on January 1, 2025. (d) Sold for $10,780 on October 1, 2025. No. Account Titles and Explanation (a) Debit Credit
Pharoah Company owns equipment that cost $71.000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $37,000 on January 1, 2022. (b) Sold for $37,000 on May 1, 2022. (c) Sold for $15,000 on January 1, 2022. (d) Sold for $15,000 on October 1, 2022
Larkspur, Inc. owns equipment that cost $62,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $3,900 and an estimated useful life of 5 years.Prepare Larkspur, Inc.’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1, 2020. (b) Sold for $29,920 on May 1, 2020. (c) Sold for $10,700 on January 1, 2020. (d) Sold for $10,700 on October 1, 2020.
Sandhill Company owns equipment that cost $61,200 when purchased on January 1. 2019. It has been depreciated using the straight-line method based on estimated salvage value of $4,200 and an estimated useful life of 5 years. Prepare Sandhill Company's journal entries to record the sale of the equipment in these four independent situations. Sold for $29,200 on January 1.2022. Sold for $29,200 on May 1, 2022. Sold for $10,200 on January 1, 2022. Sold for $ 10,200 on October 1, 2022
Sheridan Company owns equipment that cost $68,520 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $6,000 and an estimated useful life of 5 years. Prepare Sheridan Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $32,512 on January 1, 2022. (b) Sold for $32,512 on May 1, 2022. (c) Sold for $10,100 on January 1, 2022. (d) Sold for $10,100 on October 1, 2022. No. Account Titles and Explanation Debit Credit (a) (b) (To record depreciation) (To record sale of equipment) (c) (d) (To record depreciation) (To record sale of equipment)
Muaj & Company owns a machine that cost Tk. 200,000 when purchased on July 1, 2018. It has been depreciated using the double declining balance method assuming no salvage value and an estimated useful life of 4 years. The company uses calendar year (January-December) to prepare the financial statements. Instructions: Prepare Muaj & Company’s journal entries to record the sale of the equipment in the following four independent situations: 1) Sold for Tk. 10,000 on January 1, 2021 2) Sold for Tk. 1,000 on July1 1, 2021
Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…
Sandhill company owns equipment that cost $120,000 when purchased on January 1, 2018. It has been depreciated using the straight line method based on estimated salvage value of $16,500 and an estimated useful life of 5 years. Prepare sandhill company's journal entries to record the sale of the equipment in these four independent situations. Sold for $59,000 on Jan 1, 2021 Sold for $59,000 on May 1, 2021 Sold for $38,500 on Jan 1, 2021 Sold for $38,500 on October 1, 2021
Wildhorse Company owns equipment that cost $67,200 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on estimated salvage value of $4,380 and an estimated useful life of 5 years.Prepare Wildhorse Company’s journal entries to record the sale of the equipment in these four independent situations (a)Sold for $32,692 on January 1, 2022. (b)Sold for $32,692 on May 1, 2022. (c)Sold for $10,400 on January 1, 2022. (d)Sold for $10,400 on October 1, 2022.
Concord Corporation owns equipment that cost $64,200 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $3,300 and an estimated useful life of 5 years. Prepare Concord Corporation’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) a) Sold for $31,540 on January 1, 2020. (b) Sold for $31,540 on May 1, 2020. (c) Sold for $10,300 on January 1, 2020. (d) Sold for $10,300 on October 1, 2020.
Cheyenne Corp. owns equipment that cost $63,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $4,900 and an estimated useful life of 5 years.Prepare Cheyenne Corp.’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1, 2020. (b) Sold for $29,920 on May 1, 2020. (c) Sold for $10,100 on January 1, 2020. (d) Sold for $10,100 on October 1, 2020. No. Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an…

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