Brief Exercise 9-10 Gunkelson Company sells equipment on September 30, 2019, for

Question

Brief Exercise 9-10 Gunkelson Company sells equipment on September 30, 2019, for $18,000 cash. The Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the saie of the equipmert (Credit accoumt titles are automatically indented when amount is entened Do mot idlenly Ir se entry equipment ariginally cosot $72,000 and as of Tenusry 1, 2019, had scumulated depreciation of $42.,000. Deprecion for the fest 3 months of 209 required, select "No Entry for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credt

Explanation / Answer

Journal entry :

NO Account titles and explanation debit credit (a) Depreciation expense 5250 Accumlated depreciation 5250 (b) Cash 18000 Accumlated depreciation 47250 Loss on sale of equipment 6750 Equipment 72000

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