on december 31, strike company has decided to discard one of its batting cages. the equipment had an initial cost of $225,573 and has accumulated depreciation of $203,015.70. depreciation has been recorded up to the end of the year. which of the following will be included in the entry to journalize the disposal?

All company transactions are documented in journal entries. Any financial activity that has an effect on the firm is a transaction, in the broadest sense. They encompass every transaction involving the exchange of money, including interest payments, depreciation, costs, and payroll. They are not just restricted to the purchasing and selling of goods and services.

What two categories of journal entries are there?

Simple Journal Entries: In this case, only 2 accounts—one that is debited and the other that is credited—are impacted. 2. Compound or Combined Journal Entries: In this case, multiple accounts are impacted.

Which guidelines apply to journal entries?

Each journal entry in double-entry accounting must include two accounts, one credit and one debit. There is no restriction on how many additional accounts an accountant may include in a journal entry after the first two.

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