ACC 560 MART Extraordinary Success/acc560mart.com ACC 560 MART Extraordinary Success/acc560mart.com | Page 67

Date
Credit
Debit
Balance
Jan. 1
160,000 Balance July 31
230,000 Purchase of equipment 70,000
Sept. 2
283,000 Cost of equipment constructed 53,000
Nov. 10
49,000 Cost of equipment sold
234,000
Accumulated Depreciation—Equipment
Date
Credit
Jan. 1
71,000
Debit
Balance
Balance
Nov. 10
30,000 Accumulated depreciation on equipment sold
41,000
Dec. 31
28,000 Depreciation for year
69,000
Retained Earnings
Date
Credit
Jan. 1
105,000
Debit
Balance
Balance