P8-6 Part 22. For each of these the assets Involved in transactions (a) through (f), record the adjusting entry for depreciationor amortization expense at the end of the current year.Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.View transaction listJournal entry worksheet23 456On December 31 of the current year, sold Machine A for $6,700 cash. Originalcost was $24,000; accumulated depreciation to December 31 of the prior yearwas $16,800 (on a straight-line basis with a $3,000 residual value and five-year useful life). Record the sale.Note: Enter debits before credits.TransactionGeneral JournalDebitCrediteRecord entryClear entryView general journal

JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

P8-6 Part 2 2. For each of these the assets Involved in transactions (a) through (f), record the adjusting entry for depreciation or amortization expense at the end of the current year. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet 2 3 5 6 On December 31 of the current year, sold Machine A for $6,700 cash. Original cost was $24,000; accumulated depreciation to December 31 of the prior year was $16,800 (on a straight-line basis with a $3,000 residual value and five- year useful life). Record the sale. Note: Enter debits before credits. Transaction e General Journal Debit Credit Record entry Clear entry View general journal

P8-6 Part 2 2. For each of these the assets Involved in transactions (a) through (f), record the adjusting entry for depreciation or amortization expense at the end of the current year. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet 2 3 5 6 On December 31 of the current year, sold Machine A for $6,700 cash. Original cost was $24,000; accumulated depreciation to December 31 of the prior year was $16,800 (on a straight-line basis with a $3,000 residual value and five- year useful life). Record the sale. Note: Enter debits before credits. Transaction e General Journal Debit Credit Record entry Clear entry View general journal

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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P8-6 Part 2 2. For each of these the assets Involved in transactions (a) through (f), record the adjusting entry for depreciation or amortization expense at the end of the current year. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet 2 3 5 6 Record $164,000 purchase of another business for cash, including goodwill for $10,000, accounts receivable with a fair value of $12,000 and property and equipment with a fair value of $142,000. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal
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