Answer:
Jan 1
Dr Accumulated depreciation equipment 64,000
Cr Equipment 64,000
June 30
Dr Depreciation expenses 3,000
Cr Accumulated depreciation equipment 3,000
June 30
Dr Cash 11,300
Dr Accumulated depreciation equipment
37,300
Cr Gain on disposal 25,600
Cr Equipment 23,000
Dec 31
Dr Depreciation expenses 3,300
Cr Accumulated depreciation truck 3,300
Dec 31
Dr Loss on disposal of truck 9,600
Dr Accumulated depreciation 19,800
Cr Equipment 23,400
Explanation:
Sheridan Company Journal entries
Jan 1
Dr Accumulated depreciation equipment 64,000
Cr Equipment 64,000
June 30
Dr Depreciation expenses 3,000
Cr Accumulated depreciation equipment 3,000
June 30
Dr Cash 11,300
Dr Accumulated depreciation equipment
($23,000+$3,000+$11,300) 37,300
Cr Gain on disposal 25,600
Cr Equipment 23,000
Dec 31
Dr Depreciation expenses 3,300
($29,400-$3,000)/8
Cr Accumulated depreciation truck 3,300
Dec 31
Dr Loss on disposal of truck 9,600
($29,400- $19,800)
Dr Accumulated depreciation 19,800
($3,300×6)
Cr Equipment 23,400
