What do the accounts that are affected by the entries communicate to readers of the financial statements?

  • How is the disposition of a long-term asset like land or equipment or a building recorded in the General Journal?
  • What is the function of these entries (meaning, what do the accounts that are affected by the entries communicate to readers of the financial statements)?
  • Prepare journal entries to record the following:1.  Gomez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.

    2.  Assume the same information as (a), except that accumulated depreciation is $39,000, instead of $41,000, on the delivery equipment.

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