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stiks02 [169]
4 years ago
6

Sandhill Co. sells office equipment on July 31, 2022, for $22,430 cash. The office equipment originally cost $77,870 and as of J

anuary 1, 2022, had accumulated depreciation of $36,830. Depreciation for the first 7 months of 2022 is $4,580. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment
Business
1 answer:
ioda4 years ago
5 0

Answer:

(a)

July 31, 2022

Dr. Depreciation Expense          $4,580

Cr. Accumulated Depreciation  $4,580

(b)

Dr. Cash                                      $22,430

Dr. Accumulated Depreciation $41,410

Dr. Loss on Sale of asset          $14,030

Cr. Cost                                       $77,870

Explanation:

Before sale of the asset, depreciation for the year should be recorded. To incorporate its effect on the sale.The depreciation for the 7 months of 2022 will be added to the accumulated depreciation account.

July 31, 2022

Accumulated Depreciation = $36,830 + $4,580 = $41,410

Net Loss is calculated by deducting the accumulated depreciation and cash received on the sale from the original cost of the asset.

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Answer:

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Celebrity Branding

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A reason to establish internal control is to A. Provide reasonable assurance that the objectives of the organization are achieve
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Answer:   D. Safeguard the resources of the organization.

Explanation:

The functions of internal controls are

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The price of money that is borrowed or saved is called _____. real GDP the market value an interest rate
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Answer:

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