Maurice Tutor

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Expertise:
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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 01 Aug 2017 My Price 4.00

Mayer Delivery Co

Mayer Delivery Co. had the following plant asset transactions during the year:
1. Assets discarded or sold:
Jan. 1 Van #11, which had a cost of $8,800 and accumulated depreciation of $8,800, was discarded.
8 Van #7, which had a cost of $9,400 and accumulated depreciation of $9,000, was sold for $200.
14 Van #13, which had a cost of $7,600 and accumulated depreciation of $7,400, was sold for $250.
2. Assets exchanged or traded in:
Feb. 1 Van #8, which had a cost of $11,000 and accumulated depreciation of $8,800, was traded in for a new van (#20) with a fair market value of $13,000. The old van and $10,500 in cash were given for the new van.
9 Van #3, which had a cost of $7,500 and accumulated depreciation of $7,000, was traded in for a new van (#21) with a fair market value of $9,500. The old van and $9,200 in cash were given for the new van.
REQUIRED
Prepare general journal entries for the transactions.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Aug 2017 04:08 PM My Price 4.00

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