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Blue Spruce Corp. sells equipment on September 30, 2019, for $17,600 cash. The equipment originally cost $72,700 and as of January 1, 2019, had accumulated depreciation of $41,700. Depreciation for the first 9 months of 2019 is $4,850. Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the sale

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Answer:

Explanation:

(a) update depreciation to September 30, 2019 and  

Dr Depreciation Expense--Office Equipment 4,850

Cr Accumulated Depreciation--Office Equipment 4,850  

(b) record the sale of the equipment.  

Dr Cash 17,600  

Dr Accumulated Depreciation--Office Equipment 46,550

Dr Loss on Disposal 8,550

Cr Office Equipment 72,700

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