Preparing journal entries to record the sale of equipment

Reference no: EM13142106

Carlton Company sells office equipment on September 30, 2010, for $21,000 cash. The office equipment originally cost $72,000 and as of January 1, 2010, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2010 is $6,000. Prepare the journal entries to (a) update depreciation to September 30, 2010 and (b) record the sale of the equipment.

Reference no: EM13142106

Questions Cloud

My roommate liked to repair things around the house : Each of the following sentences sentence starts well but then goes off the track. Rewrite the italicized part to make it parallel with the rest of the rest of the sentence. Change or add things as necessary

Define grams of tin and lead : Grams of tin and lead, An alloy is 7 parts tin and 3 parts lead. How many grams of each are in 40g of the alloy? Let x= the number of grams of tin in the 40g of the alloy.

Describe the approaches scientists use to learn about nature : You look up in fall of the year and notice birds flying south. Describe the approaches scientists use to learn about nature. Design different measurements you could take and some experiments you might make in order to more fully describe this obse..

What ratios would you use to help generate outlays : What factors are likely to drive a firm's outlays for new capital andfor working capital? What ratios would you use to help generate forecasts of these outlays?

Preparing journal entries to record the sale of equipment : Depreciation for the first 9 months of 2010 is $6,000. Prepare the journal entries to (a) update depreciation to September 30, 2010 and (b) record the sale of the equipment.

Determining data for year operations : The pickle department of a major food manufacturer has an overhead rate of $5 per direct-labor hour, based on expected variable overhead of $150,000 per year, expected fixed overhead of $350,000 per year, and expected direct-labor hours of 100,000..

Find the point estimate for estimating the proportion : Favor of gun control legislation. Find the point estimate for estimating the proportion of all Americans who are in favor of gun control legislation.

Which parts of atoms can interact to form chemical bonds : Which parts of atoms can interact (react) to form chemical bonds? a.) valence electrons b.) protons c.) the nucleus of each atom d.) the orbitals.

What happens to cardinal e&p and general business credit : What basis will Wren have in the marketable securities and unimproved land it receives in the liquidation? What happens to Cardinal’s E&P and general business credit carryover?

User Account

All Pages