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    Problem 7

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    Yixing Xing
    This document shows equipment and accumulated depreciation balances for a company from January 1 to December 31, 2017. It includes the purchase of a new machine for $207,000 in June, the sale of an old machine for $150,000 in September with $75,000 of accumulated depreciation removed, and $80,700 of depreciation expense for the year. Adjusting entries are provided for repairs, freight costs, additional depreciation, recording the loss on sale of a machine, and correcting entries.

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    Problem 7

    Uploaded by

    Yixing Xing
    16 views1 page
    This document shows equipment and accumulated depreciation balances for a company from January 1 to December 31, 2017. It includes the purchase of a new machine for $207,000 in June, the sale of an old machine for $150,000 in September with $75,000 of accumulated depreciation removed, and $80,700 of depreciation expense for the year. Adjusting entries are provided for repairs, freight costs, additional depreciation, recording the loss on sale of a machine, and correcting entries.

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    ppe

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    This document shows equipment and accumulated depreciation balances for a company from January 1 to December 31, 2017. It includes the purchase of a new machine for $207,000 in June, the sale of an old machine for $150,000 in September with $75,000 of accumulated depreciation removed, and $80,700 of depreciation expense for the year. Adjusting entries are provided for repairs, freight costs, additional depreciation, recording the loss on sale of a machine, and correcting entries.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    16 views1 page

    Problem 7

    Uploaded by

    Yixing Xing
    This document shows equipment and accumulated depreciation balances for a company from January 1 to December 31, 2017. It includes the purchase of a new machine for $207,000 in June, the sale of an old machine for $150,000 in September with $75,000 of accumulated depreciation removed, and $80,700 of depreciation expense for the year. Adjusting entries are provided for repairs, freight costs, additional depreciation, recording the loss on sale of a machine, and correcting entries.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 1

    Equipment Accu.

    Depreciation
    Balance, 01/01/17 750,000 300,000
    Purchase of Machine, 06/01/17 (asset 16) 207,000
    Machine Sold, 09/01/17 (asset 10) (150,000) (75,000)
    Depreciation for 2017 80,700
    Balances, 12/31/17 807,000 305,700

    Adjusting Entries:
    Equipment 7,000
    Repairs and Maintenance 4,000
    Freight In 3,000

    Accumulated Depreciation - Equipment 12,500


    Depreciation 12,500

    wqw

    Accumulated Depreciation 75,000


    Loss on Sale of Equipment 57,000
    Equipment 132,000

    Should be:
    Cash 18,000
    Accumulated Depreciation 75,000
    Loss on Sale of Equipment 57,000
    Equipment 150,000

    Made:
    Cash 20,000
    Equipment 20,000
    Equipment 2,000
    Cash 2,000

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