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15 December, 11:00

The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,740 and their Accumulated Depreciation was $4,740. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,480.

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  1. 15 December, 14:23
    0
    journal entries are given below

    Explanation:

    given data

    computers cost = $4,740

    Accumulated Depreciation = $4,740

    disposal = $3,480

    solution

    journal entries are

    S. No. Accounting Titles Debit Credit

    a. Accumulated depreciation 4,740

    Computer 4,740

    b. Accumulated depreciation 3,480

    Loss on disposal 1,260

    Computers 4,740
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