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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. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations. Sold for $28,000 on January 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit Sold for $28,000 on May 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit (To update depreciation) Sold for $11,000 on January 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit Sold for $11,000 on October 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit (To update depreciation)
A: The answer would be both. The payable accounts can be either credit or debit.
Expert answered|thewolf010|Points 880|
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Asked 5/30/2012 6:44:54 PM
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