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Journal Entry
Lozz entertainment provides disk jockey services for weddings and other events. At a recent gathering, one of Lozz's recently purchased speakers that began to smoke and was deemed unusable. Lozz decided to scrap the speaker.
The original cost of the speaker was $500 and lozz had recognized $100 of depreciation on it at the time of scrapping. Prepare the journal entry recording the scrapping of the speaker. |
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