Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. asb ceramics purchased equipment used in the busin

ASB Ceramics purchased equipment used in the business three years ago for $37,000. The accumulated...

80.2K

Verified Solution

Question

Accounting

ASB Ceramics purchased equipment used in the business three years ago for $37,000. The accumulated depreciation account related to the equipment asset account had a balance of $24,000. The equipment had an estimated salvage (residual) value of $5,000 and had an estimated life of four years. A full years depreciation was taken the first year. ASB uses the straight-line depreciation method. All depreciation is usually recorded at year-end. The company sold the equipment in exchange for a promissory note on July 1 of the fourth year for $8,000. Record the appropriate entries necessary.

1.Record 6 months depreciation.

2.Record sale of equipment.

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

Q

After the high school group finishes their tour, Dr. Wayne sees two patients. Jeff Slater is...

Medical Sciences
Q

Question : Identify and describe two specific instances of business intelligence that (to the best of your...

Electrical Engineering
Q

Find the rule to describe the transformation E 1 3 F 0 1 G 3...

Geometry
Q

Consider this situation: Pistol Pete gained a pretty good reputation as a high school basketball...

Basic Math
Q

of the polar equal coordinates Then identify and graph the equation Write an equation in...

Algebra
Q

Your answer is partially correct On December 21, 2020. Larkspur Company provided you with the...

Accounting
Q

The Credit Counselling and Debt Management Agency (AKPK) is concerned about the increase in the...

Accounting
Q

Special Surgical Center is looking at ways to decrease operating costs. The CEO thinks that...

Accounting
Q

stock is AVGYO 1) Current situation of the stock. Draw 1. and 2...

Finance
Q

Prepare a classified income statement. The firm does not divide its operating expenses into selling...

Accounting
Q

Listen Herbert is food delivery driver. He and Al Wilson enter into a contract for...

Finance
Q

Stocks A and B have the following returns: LOADING.... a. What are the...

Finance