Answer Happy

Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) 을 No. Account Titles and Explanation (a) Blossom Company retires its delivery equipment, which cost $40,000. Accumulated depreciation is also $40,000 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,000 instead of 40,000. I Debit Credit 1000
Blossom Company sells office equipment on July 31, 2022, for $20,000 cash. The office equipment originally cost $72,000 and as of January 1, 2022, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2022 is $3,500. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation (b) Depreciation Expense Accumulated Depreciation Equipment Cash Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Depreciation Expense Debit 3500 20000 38500 13500 Credit 3500 72000