Oriole Company had the following assets on January 1, 2022. Item...
80.2K
Verified Solution
Question
Accounting
Oriole Company had the following assets on January 1, 2022.
Item | Cost | Purchase Date | Useful Life (in years) | Salvage Value | ||||
---|---|---|---|---|---|---|---|---|
Machinery | $62,000 | Jan. 1, 2012 | 10 | $ 0 | ||||
Forklift | 21,000 | Jan. 1, 2019 | 5 | 0 | ||||
Truck | 27,400 | Jan. 1, 2017 | 8 | 3,000 |
During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,100. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (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.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date |
enter an account title | enter a debit amount | enter a credit amount | |
---|---|---|---|
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date |
enter an account title to record depreciation expense on forklift | enter a debit amount | enter a credit amount | |
---|---|---|---|
enter an account title to record depreciation expense on forklift | enter a debit amount | enter a credit amount | |
(To record depreciation expense on forklift) | |||
|
enter an account title to record sale of forklift on June 30 | enter a debit amount | enter a credit amount | |
---|---|---|---|
enter an account title to record sale of forklift on June 30 | enter a debit amount | enter a credit amount | |
enter an account title to record sale of forklift on June 30 | enter a debit amount | enter a credit amount | |
enter an account title to record sale of forklift on June 30 | enter a debit amount | enter a credit amount | |
(To record sale of forklift) | |||
choose a transaction date |
enter an account title to record depreciation expense on truck | enter a debit amount | enter a credit amount | |
---|---|---|---|
enter an account title to record depreciation expense on truck | enter a debit amount | enter a credit amount | |
(To record depreciation expense on truck) | |||
|
enter an account title to record sale of truck on December 31 | enter a debit amount | enter a credit amount | |
---|---|---|---|
enter an account title to record sale of truck on December 31 | enter a debit amount | enter a credit amount | |
enter an account title to record sale of truck on December 31 | enter a debit amount | enter a credit amount |
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.