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On December 31, 2018, Far Niente Winery sold a wine press for $545,000; the wine press had originally cost $900,000. Cash was paid by the buyer of the press. Accumulated Depreciation on the press, updated to the date of disposal, was $450,000.

What is the journal entry to record the disposal of the asset?

Respuesta :

akindeleot

Answer:

RECORD OF SALES OF WINPRESS WITH GAIN

Cash                                        $545,000

Accumulated depreciation    $450,000

wine press                                                             $900,000

Income summary ($545,000 + $450,000 - $900,000) = $95,000

arshikhan8123

The journal entry to record the disposal of the asset is given below.

Cash                                        $545,000

Accumulated depreciation    $450,000

To wine press                                                             $900,000

What is a basic journal entry?

A journal entry is an accounting entry wherein just one account is debited and one is credited. The use of simple journal entries is encouraged as a first-rate exercise, on account that it's far less complicated to understand these entries.

What are the 3 journal entries?

  • compound,
  • adjusting,  
  • reversing.

Learn more about journal entries here: https://brainly.com/question/14279491

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