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    blondebomb's Avatar
    blondebomb Posts: 1, Reputation: 1
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    #1

    Sep 13, 2009, 05:35 AM
    Find missing adjust entry
    Here is my question: Accumulated-depreciation-equipment at 1/1/07 was $230,000. At 12/31/07 the balance of the account was $270,000. During 2007 one piece of equipment was sold. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold. Prepare the missing adjusting entry.

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    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Sep 13, 2009, 05:53 AM

    You need to journalise the sold asset.

    DEBIT Bank Account $10,000
    DEBIT Acc Deprec Provision $30,000
    CREDIT Equipment Account $40,000
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