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Brief Exercise 7-8 Sheridan Company sells office equipment on July 31, 2017, for $20,320 cash....

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Accounting

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Brief Exercise 7-8 Sheridan Company sells office equipment on July 31, 2017, for $20,320 cash. The office equipment originally cost $84,510 and as of January 1, 2017, had accumulated depreciation of $41,710. Depreciation for the first 7 months of 2017 is $3,670. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. If a transaction causes a decrease in Assets Liabilities or Stockholders' Equity place a negative ion (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item was reduced.) Assets Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Equipment - Accum. Depr.- Equip. = + Common Stock + Dividend Depreciation exi (b) Click if you would like to Show Work for this question: Open Show Work

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