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Ritter, Inc., had a piece of equipment that cost $56,000 and had accumulated depreciation of...

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Accounting

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Ritter, Inc., had a piece of equipment that cost $56,000 and had accumulated depreciation of $10,000 Read the requirement a. Ritter discarded the equipment receiving 50. (Record debits first, then credits. Exclude explanations from all journal entries) Journal Entry Date Accounts Debit Credit a. b. Ritter sold the equipment for $46,500 cash. Journal Entry Accounts Debit Date Credit b. c. Ritter traded the equipment in on a new piece of equipment costing $66,000. Ritter was granted a $48,500 trade-in allowance for the old equipment and paid the difference in cash. Journal Entry Accounts Date Debit Credit C. d. Ritter traded the equipment in on a new piece of equipment costing $55,000. Ritter was granted a $43,000 trade-in allowance for the old equipment and signed a note payable for the difference. Journal Entry Accounts Date Debit Credit d

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