Prepare journal entries | Good Grade Guarantee!
Whispering Corporation owns machinery that cost $29,200 when purchased Depreciation has been recorded at a rate of $3,504 per year, resulting in a balance in accumulated depreciation of $12,264 at December 31, 2017. The machinery is sold on September 1, 2018, for $15,330. July 1, 2014 on Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (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 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) Depreciation Expense 2336 Accumulated Depreciation-Machinery 2336 (b) Cash 15330 Accumulated Depreciation-Machinery 12994 Gain on Disposal of Machinery 876 29200 Machinery SHOW LIST OF ACCOUNTS LINK TO TEXT
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