Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 3. prepare journal entries to record the machine's

3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it...

60.1K

Verified Solution

Question

Accounting

image
image
image
image
3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $20,500 cash; (b) it is sold for $82,000 cash; and (c) it is destroyed in a fire and the insurance company pays $31,000 cash to settle the loss claim. View transaction list Journal entry worksheet 2 3 Record the sale of the used machine for $20,500 cash. Note: Enter debits before credits Date Dec 31 Credit General Journal Cash Accumulated depreciation - Machinery Loss on sale of machinery Machinery Debit 20,500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Romans Food Market, located in Saratoga, New York, carries a variety of specialty foods from around...

Chemistry
1.2K views

Please give answer and explanation ! Consider the following reaction: CH4 (g) + 2O2 (g)----------} CO2(g) + 2H20(g)...

Physics
1.2K views

Microwave communication is important for modern information technologies. Your cellphone uses at least three microwave communication technologies:...

Basic Math
1.2K views

List the characteristics of a multinomial experiment. (Select all that apply.) The number of successes is evenly...

Physics
1.2K views

A train is moving at a constant speed along a straight level track Then a...

Physics
1.2K views

A long solenoid is fabricated by closely winding a wire of thickness 0 5 mm...

Geometry
1.2K views

The circumference of a circle is 64 cm Find the diameter the radius and the...

Geometry
1.2K views

6 Of fans who own sports league licensed apparel 31 have NFL apparel If 3...

Accounting
1.2K views

Budgeted data for the same time period for the pharmaceutical segment are as...

Accounting
1.2K views

Which of the following is true about AISs? a. All AISs are computerized. b. AISs...

Accounting
1.2K views

Rogers Sports sells volleyball kits that it purchases from a sports equipment distributor. The following...

Finance
1.2K views

Segment elimination problem: Two segment lines produced the following operating results: If the company stops...