Answered Essay: Prepare the journal entries to record the disposal of a commercial washer costing

Prepare the journal entries to record the disposal of a commercial washer costing $2,450, with accumulated depreciation of $1,800, under the following independent assumptions:

a) It was discarded. b) It was sold for $500. c) It was traded in on a new model that had a list price of $3,050. A $700 trade-in allowance was given.

Expert Answer

 

PREPARE JOURNAL ENTRIES TO RECORD DISPOSAL OF COMMERCIAL WASHER :

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT
A) Loss on disposal of commercial washer a/c 650
Accumlated depreciation a/c 1800
            Commercial Washer a/c 2450
(To record discarded of commercial washer)
B) Cash a/c 500
Loss on disposal of commercial washer a/c 150
Accumlated depreciation a/c 1800
          Commercial washer a/c 2450
(To record disposal of commercial washer)
C) Commercial washer a/c 3050
Accumlated Depreciation a/c 1800
         Gain on exchange of commercial washer 50
         Commercial washer a/c 2450
         Cash a/c (3050-700) 2350
(To record exchange of commercial washer)
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