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Aye Company's Computer Was Destroyed by Fire

question 166

Essay

Aye Company's computer was destroyed by fire.The computer originally cost $5,000,and accumulated depreciation to the date of the fire was $900.The company received $2,000 from an insurance policy that covered the computer and will use that money to help pay for a new computer.Prepare the general journal entry to record the loss of the computer and the receipt of cash from the insurance company.

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Definitions:

Culture

The shared beliefs, behaviors, and norms within an organization that shape its social and work environment.

Behavioral Norms

Established patterns of behavior that are considered acceptable or expected within a group or society.

Ingrained

Deeply embedded or established, often referring to habits, beliefs, or practices that are difficult to change.

Justifications

Reasons or arguments presented to support or defend actions, decisions, or beliefs.

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