Unformatted text preview: Depreciation Accumulated Book Year Computation Expense Depreciation Value B. Record, in journal entry form, the depreciation expense for 2008 using straight-line depreciation. Below your entry indicate how the F/S were affected by this entry. Organize your answer in tabular from, using the column headings shown below. Use I for increase, D for decrease, and NE for no effect. Income Statement Balance Sheet Transaction Revenue - Expense = NI Assets = Liabilities + Owners’ Equity C. Assume Crazy JJ’s, Inc sells the machine on December 31, 2010, for $38,000 cash. Compute the resulting gain or loss from the sale using straight-line depreciation and record the journal entry to recognize the sale....
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This note was uploaded on 12/02/2008 for the course ACCT 201 taught by Professor Anothony during the Spring '07 term at Michigan State University.
- Spring '07