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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. ]
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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|

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Asked 6/20/2012 12:51:54 PM
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