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I'm taking an online accounting class, and I'm getting too tired of asking my professor questions and waiting for an answer.
GIVEN:Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at an $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.
Prepare journal entries to record the machine's disposal under each of the following separate assumptions:
(a) It is sold for $24,000 cash.
(b) It is sold for $96,000 cash.
(c) It is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim.
I got to a certain point in some of the questions:
a) That cash account is debited 24,000 and that there is an accumulated depreciation and loss on sale of machinery accounts, but not what to credit them
b) That cash account is debited 96,000 and that there is an accumulated depreciation and gain on sale of machinery accounts
c) The cash account is debited 34,500 and that there is an accumulated depreciation account as well a loss from fire account.
GIVEN:Onslow Co. purchases a used machine for $288,000 cash on January 2 and readies it for use the next day at an $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.
Prepare journal entries to record the machine's disposal under each of the following separate assumptions:
(a) It is sold for $24,000 cash.
(b) It is sold for $96,000 cash.
(c) It is destroyed in a fire and the insurance company pays $34,500 cash to settle the loss claim.
I got to a certain point in some of the questions:
a) That cash account is debited 24,000 and that there is an accumulated depreciation and loss on sale of machinery accounts, but not what to credit them
b) That cash account is debited 96,000 and that there is an accumulated depreciation and gain on sale of machinery accounts
c) The cash account is debited 34,500 and that there is an accumulated depreciation account as well a loss from fire account.
Fundamental Accounting Question(s): prepare journal entries?
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