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Prepare the journal entries to record the transactions

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Question - Prepare the journal entries to record the following transactions for the Thairific Company, which has a financial year end of 30 June and uses the straight-line method of depreciation. Ignore GST.

(a) 1 January, 2019, the company sold old office equipment for $10,000. The office equipment originally cost $38,000 and had accumulated depreciation to the date of disposal of $30,000.

(b) 30 May, 2019, the company sold a printing machine for $35,000 that was purchased on 1 January, 2016. The printer cost $95,000, and had a useful life of 5 years with residual value of $5,000.

(c) 1 September, 2019, the company sold old delivery equipment for $10,500. The delivery equipment was purchased on 1 June, 2017, for $21,000 and was estimated to have a $3,000 residual value at the end of its 5-year life.

Reference no: EM132739255

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