Solution-Prepare the journal entry to record the trade

Prepare the journal entry to record the trade

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Reference no: EM13500803

Jeans Etc, traded in its old laser printer for a new laser printer at the beginning of March. After updating depreciation prior to the trade-in, the accumulated depreciation account for the new laser printer had a balance of $4,700 and the original cost of the printer was $6,500. The new printer sells for $8,900 and the dealer is willing to give Jeans, Etc. a trade in allowance on the old printer.

Required:
1. Prepare the journal entry to record the trade-in assuming a trade-in allowance of $1,200 with the balance paid in cash.
2. Prepare the journal entry to record the trade-in assuming a trade-in allowance of $2,300 with the balance paid in cash.

Reference no: EM13500803

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Prepare the journal entry to record the trade

Reference no: EM13500803

Reference no: EM13500803

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