You have new items in your feed. Click to view.
Question and answer
Q: E9-10 Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an
estimated useful life of 5 years. Instructions Prepare Beka Company s journal entries to record the sale of the equipment in these four independent Situations. (a) Sold for $28,000 on May 1, 2011.
A: The journal entries will be : Sold for $28,000 on May 1, 2011. 750 x 40 months = 30,000 accum. depr. Dr Cash 28,000 Dr Accumulated Depreciation 30,000 Cr Equipment 50,000 Cr Gain on Disposal 8,000 The answer would be both. [ The payable accounts can be either credit or debit. ]
Get an answer
Original conversation
User: E9-10 Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Beka Company s journal entries to record the sale of the equipment in these four independent Situations. (a) Sold for $28,000 on May 1, 2011.

Weegy: The journal entries will be : Sold for $28,000 on May 1, 2011. 750 x 40 months = 30,000 accum. depr. Dr Cash 28,000 Dr Accumulated Depreciation 30,000 Cr Equipment 50,000 Cr Gain on Disposal 8,000 The answer would be both. [ The payable accounts can be either credit or debit. ]
bongche|Points 2302|

User: E9-10 Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Beka Company s journal entries to record the sale of the equipment in these four independent Situations. (a) Sold for $28,000 on May 1, 2011.





Weegy: First thing you need to do is calculate the depreciation for 3 full years for items a and c. For b you need to calculate for 3 years and 4 months. [ For d you need to calculate for 3 years and 9 months. Straight line depreciation is very simple to compute. Simply take cost of the equipment minus the salvage value to get your depreciable base, then divide this number by the number of years of useful life per year to get your depreciation per year. To get a partial year depreciation you need to take the dpreciation per year times number of months to compute divided by 12 months to get the partial depreciation amount. The amount of depreciation you calculate for a thru d is called Accumulated depreciation. For each scenario the basic journal entry will be the same: Debit Cash if cash received or Accounts Receivable if on account or Notes Payable if a note assigned or a combination of the three for the amount of the sale Debit Accumulated Depreciation for the amounts caulculated in each senario Credit Equipment for the cost of the equipment and Credit Gain on sale of equipment or a Debit Loss on sale of equipment for the difference to bring your debits tequal your credits or to bring your credits to equal your debits. ]
Expert answered|emiimarie|Points 34|

Question
Asked 6/20/2012 12:51:54 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
0 questions answered
Popular Conversations
Calculate the product 1/3 and 1/5
Weegy: The product of 1/3 and 1/4 is 1/12. Solution: 1/3 * 1/4 = 1/12
5/23/2017 9:39:31 PM| 1 Answers
Which type of tax is applied only to particular goods? A. excise ...
Weegy: Excise tax is applied only to particular goods.
5/23/2017 7:13:31 PM| 0 Answers
In “A Few Don’ts,” Pound encourages the use of __________instead of ...
Weegy: In A Few Don'ts, Pound encourages the use of The Concrete instead of the vagueness of abstractions. User: ...
5/22/2017 11:51:10 AM| 0 Answers
Giving human characteristics to objects or ideas is
Weegy: Giving human characteristics to objects or ideas is PERSONIFICATION.
5/19/2017 10:58:38 PM| 0 Answers
Motivation refers to forces that
Weegy: Motivation refers to forces that: energize, direct, and sustain a person's efforts.
5/19/2017 10:41:24 PM| 0 Answers
  Which of these verbs is spelled the same but pronounced ...
Weegy: Read is spelled the same but pronounced differently depending on the tense.
5/26/2017 3:57:20 PM| 0 Answers
Which branch of government makes the law
Weegy: The legislative branch of government makes the law.
5/24/2017 6:13:01 PM| 0 Answers
A tapeworm lives off the nutrients in an animal s digestive tract. ...
Weegy: A tapeworm lives off the nutrients in an animal's digestive tract. Therefore, a tapeworm is a PARASITE.
5/24/2017 10:19:19 AM| 0 Answers
Giving human characteristics to objects or ideas is
Weegy: Giving human characteristics to objects or ideas is PERSONIFICATION.
5/24/2017 10:17:32 AM| 0 Answers
Stage 1 of delivery averages about 8 hours but may be longer for ...
Weegy: Stage 1 of delivery averages about 8 hours but may be longer for first-time mothers. TRUE.
5/24/2017 10:12:05 AM| 0 Answers
Weegy Stuff
S
Points 26 [Total 26] Ratings 0 Comments 26 Invitations 0 Offline
S
Points 11 [Total 11] Ratings 0 Comments 1 Invitations 1 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 366] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
P
P
L
P
P
P
Points 7 [Total 1730] Ratings 0 Comments 7 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 2 [Total 467] Ratings 0 Comments 2 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.