Prepare journal entries to record the following. Gomez Company retires its deliv
ID: 2352423 • Letter: P
Question
Prepare journal entries to record the following.Gomez Company retires its delivery equipment, which cost $41,892. Accumulated depreciation is also $41,892 on this delivery equipment. No salvage value is received.
Account/Description Debit Credit
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Assume the same information as (a), except that accumulated depreciation for Gomez Company is $36,307, instead of $41,892. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Account/Description Debit Credit
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_________________ ____
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Explanation / Answer
Gomez Company retires its delivery equipment, which cost $41,892. Accumulated depreciation is also $41,892 on this delivery equipment. No salvage value is received.
Accumulated depreciation DEBIT 41892
Delivery equipment CREDIT 41892
Assume the same information as (a), except that accumulated depreciation for Gomez Company is $36,307, instead of $41,892. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Accumulated depreciation DEBIT 36307
Loss on disposal of equipment DEBIT 5585
Delivery equipment CREDIT 41892