Presented below are selected transactions at Windsor, Inc. for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $60,600 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2016. The computer cost $40,200. It had a useful life of 5 years with no salvage value. The computer was sold for $13,800. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2015. The truck cost $41,160. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Required:Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Windsor, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2018.)

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03-08-2020
Business

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Presented below are selected transactions at Windsor, Inc. for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $60,600 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2016. The computer cost $40,200. It had a useful life of 5 years with no salvage value. The computer was sold for $13,800. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2015. The truck cost $41,160. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Required:Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Windsor, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2018.)

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adnansoomro2019 adnansoomro2019 · Answer 1 · 2020-08-05T04:38:21+02:00

Answer:

All journal entries are given below

Explanation:

A. Retired a piece of machinery

Entry DEBIT CREDIT

Accumulated depreciation $60,600

Machinery $60,600

B. Depreciation for expense for computer sold

Entry DEBIT CREDIT

Depreciation expense $4,020

Accumulated depreciation $4,020

Working

Depreciation = (40,200/5year) x6/12

Depreciation = $4,020

C. Disposal of computer

Entry DEBIT CREDIT

Cash $13,800

Accumulated depreciation(w) $28,140

Gain on disposal $1,740

Computer $40,200

Workings;-

Accumulated depreciation = depreciation expense per year x number of years

Accumulated depreciation = $8040 x 3.5years = $28,140

D. depreciation of delivery truck

Entry DEBIT CREDIT

Depreciation expense $6,360

Accumulated depreciation $6,360

E. Dicarded delivery truck

Entry DEBIT CREDIT

Accumulated depreciation(w) $31,180

Loss on discarded truck $9,360

Delivery truck $41,160

Workings;-

Accumulated depreciation = depreciation expense per year x number of years

Accumulated depreciation = $6,360 x 5

Accumulated depreciation = $31,180