Ask Question
BusinessBusiness
16 January, 17:44

Sweet Corporation owns machinery that cost $23,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,784 per year, resulting in a balance in accumulated depreciation of $9,744 at December 31, 2020. The machinery is sold on September 1, 2021, for $12,180. Prepare journal entries to update depreciation for 2018

+4
Answers (1)
  1. 16 January, 21:40
    0
    The journal entry is shown below:

    Depreciation Expense A/c Dr $1,856

    To Accumulated Depreciation - Machinery A/c $1,856

    (Being depreciation expense is recorded)

    The depreciation expense is calculated for eight months (January - August)

    The calculation is shown below:

    = $2,784 * 8 months : 12 months

    = $1,856
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sweet Corporation owns machinery that cost $23,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,784 per ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
If real GDP per capita in the United States is currently $50,000 and grows at 2.5% per year, it will take approximately how many years to reach $200,000?
Answers (1)
Deadweight losses occur when the quantity of an output produced is: less than, but not when it is greater than, the competitive equilibrium quantity greater than, but not when it is less than, the competitive equilibrium quantity less than or
Answers (1)
1. Assume that the money demand function is (M / P) d = 2,200 - 200r, where r is the interest rate in percent. The money supply M is 2,000, and the price level P is 2.
Answers (1)
What is a specialty good?
Answers (1)
Schwan's sales enterprises of marshall, minnesota, markets a full line of frozen foods in 49 states and parts of canada using door-to-door salespeople who sell from its refrigerated trucks.
Answers (1)
New Questions in Business
Transaction number 1 : Interest paid by a Country B's corporation on a bond owned by a Country A's bank Amount = $1'000 Transaction number 2 : Interest paid by Country A's government on a treasury bills owned by Country C's government Amount =
Answers (1)
Which of the following items is a direct cost? a) Customer service costs in a multi-product firm when Product A is the cost object b) Printing costs incurred for payroll check processing when payroll check processing is the cost object c) The salary
Answers (1)
Q 1.6: Ginni founded Waggstooth Manor Doggie Day Care and, after a year in business, formed a partnership with her husband, Warren. Their friend, Phoebe, is a shareholder with Networth Bank.
Answers (1)
The intersection of an economy's aggregate demand and long-run aggregate supply curves: (A) Occurs at high levels of cyclical unemployment (B) Occurs at the economy's potential output (C) Determines its equilibrium real GDP in both the long run and
Answers (1)
On December 31, 2019 before adjusting entries, Accounts Receivable for California Company had a debit balance of $200,000, and the Allowance for Doubtful Accounts had a credit balance of $6,000. Credit sales for the year were $1,600,000.
Answers (1)
Home » Business » Sweet Corporation owns machinery that cost $23,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,784 per year, resulting in a balance in accumulated depreciation of $9,744 at December 31, 2020.
Sign Up Forgot Password?