Prepare Journal Entries for the Following Transactions for Sanchez Co

question 9

Essay

Prepare journal entries for the following transactions for Sanchez Co. using the general journal.
Feb. 28
Machinery that cost $57,000 and had accumulated depreciation of $46,000 was sold for $2,500.
Apr. 10
A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.
July 16
Equipment that cost $120,000 and had accumulated depreciation of $112,000 was traded in for new equipment with a fair market value of $140,000. The old equipment and $135,000 in cash were given for the new equipment.
Aug. 11
Equipment that cost $50,000 and had accumulated depreciation of $43,000 was traded in for new equipment with a fair market value of $62,000. The old equipment and $55,000 in cash were given for the new equipment.
Nov. 10
A truck that cost $44,000 and had accumulated depreciation of $38,000 was traded in for a new truck with a fair market value of $58,000. The old truck and $50,000 cash were given for the new truck.
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Definitions:

Succession Management

A strategic process of identifying and developing internal personnel with the potential to fill key leadership positions within the organization.

HR Professionals

Individuals who work within the human resources department of an organization, specializing in areas such as recruitment, employee relations, and performance management.

Risks

The potential for losses or negative outcomes resulting from internal or external vulnerabilities or threats.

CEO

Chief Executive Officer; the highest-ranking person in a company or organization, responsible for making overarching decisions.