Barnhart's Sold a Piece of Restaurant Equipment to Another Restaurant

question 78

Essay

Barnhart's sold a piece of restaurant equipment to another restaurant on July 1, 2013 for $1,100 cash. The equipment originally cost $12,000, had an estimated life of 20 years, and an estimated salvage value of $2,000. Barnhart's had recorded total depreciation of $9,000 through the end of 2012, using the straight-line method. Barnhart's had to update the depreciation of the asset before recording the sale. After the depreciation was updated, Barnhart's then recorded the sale transaction. Please provide the entry for the sale transaction.

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Definitions:

Ocular Lens

A lens inside the eye that helps to focus light on the retina, contributing to clear vision.

Quality Assurance

The process of ensuring that products or services meet certain standards of quality before they are delivered or used.

Quality Control

The set of procedures and standards used to ensure that a product or service meets specified performance criteria and satisfies customer requirements.

Final Test Results

Refers to the ultimate outcomes or findings derived from diagnostic tests or examinations.