Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. duck pond golf club purchased equipment on january

Duck Pond Golf Club purchased equipment on January 1, 2018, for $40,777. Suppose Duck Pond...

50.1K

Verified Solution

Question

Accounting

image
Duck Pond Golf Club purchased equipment on January 1, 2018, for $40,777. Suppose Duck Pond Golf Club sold the equipment for $30,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $22,242. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. $ 30,000 Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) $ 40,777 (22,242) 18,535 11,465 $ Now, journalize the sale of the equipment (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer All parts showing Clear All Check Answer O Type here to search

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

((((--Please type the answers because it is difficult to read different hand writings! )))) A- Why do...

Physics
Q

Oklahoma adopted prohibition on September 17 In 1933 the state legalized the sale of beer...

Biology
Q

Which mechanism s can alter allele frequencies O gentic drift O gene flow P all...

Biology
Q

lim x y 1 1 A 1 x xy 2x xy y B 0 c...

Calculus
Q

Question 10 10 points A partial set of values for the function of g x...

Algebra
Q

At attachment below please find a practice balance sheet and expenses and income statements for...

Accounting
Q

7. Which of the following information would not be included in the auditors' standard report?...

Accounting
Q

After its first month of operations, the following amounts were taken from the accounting records...

Accounting
Q

Larkspur Co. had cost of goods sold of $2,500. If beginning inventory was $2,600 and...

Accounting
Q

Label as a current asset, current liability, non-current asset, non-current liability, or owners equity as...

Accounting
Q

On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated...

Accounting
Q

the last person gave those answers and they incorrect Consider the...

Finance