Cheyenne corporation owns equipment that cost $49,200 when purchased on april 1, 2013. depreciation has been recorded at a rate of $8,200 per year, resulting in a balance in accumulated depreciation of $38,950 at december 31, 2017. the equipment is sold on july 1, 2018, for $9,840. prepare journal entries to
(a) update depreciation for 2018 and
(b) record the sale

Please see the answers below:

Explanation:

(a)

Dated: July 1, 2018

Debit: Depreciation Expense         $4,100

Credit: Accumulated Depreciation           $4,100

To record Depreciation Expense for 6 months as the depreciation expense is $8,200 per year.

(b)

Dated: July 1, 2018

Debit: Cash                                       $9,840

Debit: Accumulated Depreciation   $43050

Credit: Gain on Sale                                         $3690

Credit: Equipment                                         $49,200

To record the sale of asset with Gain.

the correct answer is:

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answer; how many employees will be needed for jobs in the coming period;