Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. blossom limited sold equipment on september 30,202

Blossom Limited sold equipment on September 30,2024, for $37,870 cash. The equipment originally cost $156,280...

80.2K

Verified Solution

Question

Accounting

Blossom Limited sold equipment on September 30,2024, for $37,870 cash. The equipment originally cost $156,280 when purchased
on January 1,2022. It had an estimated residual value of $4,380 and a useful life of five years. Depreciation is recorded annually and
was last recorded on December 31,2023, the company's year end.
Prepare the journal entry to update depreciation using the straight-line method to September 30,2024.(List debit entry before
credit entry. Credit account titles are automatically indented when the 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.)
Account Titles and Explanation
eTextbook and Media
List of Accounts
Prepare the journal entry to record the sale of the equipment. (List all debit entries before credit entries. Credit account titles are
automatically indented when the 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.)
Account Titles and Explanation
Debit
Credit
image

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