Lawrence Company has cash in bank of $22,000, restricted cash in a separate account of $4,000, and a bank overdraft in an accoun
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<u>Journal Entry</u>
Date Account and Explanation Debit Credit
1 Jan,2022 Accumulated depreciation-machine $ 68,000
Machine $ 68,000
30 June, Depreciation expense, $ 2700
2022 Accumulated depreciation- Forklift $ 2700
30 June, Cash $ 11,700
2022 Accumulated depreciation- Forklift, $ 18,900
Gain on sale of forklift $ 3600
Forklift $ 27000
31 Dec, Depreciation expense, $ 3800
2022 Accumulated depreciation - Truck $ 3800
31 Dec, Accumulated depreciation - Truck, $ 22800
2022
Loss on disposal of truck $ 10600
Truck $ 33400