Sheridan Company sells office equipment on July 31, 2017, for $20,320 cash. The office equipment originally cost $84,510 and as of January 1, 2017, had accumulated depreciation of $41,710. Depreciation for the first 7 months of 2017 is $3,670.
Prepare the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sheridan Company sells office equipment on July 31, 2017, for $20,320 cash. The office equipment originally cost $84,510 and as of January ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Imagine an illness with two cures-drug X and drug Y. Drug X and drug Y are both made by the same firm. Two events recently happened. First, a study was released showing that drug X is less effective than drug Y.
Answers (1)
Alfonso has noticed that increases in unemployment insurance claims are associated with recessions, and therefore be advocates limits on unemployment insurance so as to prevent recessions.
Answers (1)
could this type of situation ever occur in the United States and imposter taking over the leadership of the country
Answers (1)
Tremonti, Inc., is obligated to pay its creditors $9,200 during the year. a. What is the value of the shareholders' equity if assets equal $10,900? b. What is the value of the shareholders' equity if assets equal $8,500?
Answers (1)
According to the quantity theory of money, in the long run: A. the inflation rate is the growth rate of the money supply minus the growth rate of aggregate output. B.
Answers (1)
New Questions in Business
In the long run for a competitive firm, a. the firm is making economic profits. b. the marginal cost is greater price. c. the firm is at the bottom of its short run average cost curve. d. the firm is at the top of its long run average cost curve.
Answers (1)
Starting salary, mid salary, and late salary for a cop
Answers (1)
Bligation bonds issued to finance the construction of a new fire hall should be accounted for in the: a. General Fund. b. Special Revenue Fund. c. Debt Service Fund. d. General Long-Term Liabilities accounts.
Answers (1)
Which system allows critical business decisions to be made in a timely manner?
Answers (1)
The method of inventory costing in which direct manufacturing costs and manufacturing overhead costs, both variable and fixed, are considered as inventoriable costs is best described as:
Answers (1)