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Entries for sale of fixed asset Instructions Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S165,730, has an estimated usetul ife of 17 years, has an estimated residint value of 58,650, and is depreciated by the streichteline method A What was the book walue of the equipment at December 31 the end of the fourth year? B. Assurning that the equipment was sold on April of the four year for S120.655, Joumalize the entries to record (1) depreciation for me three months unts the sale date and (2) the sale of the equipment, Peter to the chait of Accounts for exact wording of account titles Instructions Chart of Accounts First Question Journal Ins Chart of Accounts EQU CHART OF ACCOUNTS the General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense Check My Work Instructions Chart of Accounts First Question Journal Ins Chart of Accounts EQ 125 Equipment 126 Accumulated Depreciation-Equipment 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense the 130 Mineral Rights 131 Accumulated Depletion 532 Depreciation Expense Equipment 132 Goodwill 133 Patents 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense LIABILITIES 536 Supplies Expense 539 Miscellaneous Expense 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment EQUITY 310 Common Stock 211 Datainas amint Check My Work Die ko X g Chant of Account First Question Journal Chart of Accounts 132 Goodwill 533 Depletion Expense 534 Amortization Expense-Patents 133 Patents 535 Insurance Expense 536 Supplies Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Check My Work hart of Accounts First Question A What was the book value of the equipment at December 31 the end of the fourth year? $ 313 Income Summary Entries for sale of fixed asset Instructions Chart of Accounts First Question Journal Journal Assuming that the coupment was sold on Art of the year for 5120655 journalce the entrato record the ingrefer to the Chart of Account for each wording of count) Docton for the three month the date JOURSUL ACCOUNTING EQUATION MS TE COL DO PO 2. The stron Prev Not Que My Work 12:12 AM 11/2/2021 te 2. The sale of the equipment PNG JOURNAL ACCOUNTING EQUATION DET POSTRE DATE ASSETS CROIT LIABILITIES EGE DESCO

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