Accounting journal entries help

Jan 17th, 2016
Anonymous
Category:
Accounting
Price: $10 USD

Question description


South City Shelter is a voluntary health and welfare organization that provides emergency shelter and health care for the homeless, as well as educational programs. South City Shelter incurred the following transactions:

a.

A computer with a book value of $500 (original cost, $2,800) was sold for $650.

b.

Kitchen equipment with a book value of $1,100 (original cost, $3,500) was damaged in a fire and taken to the dump.

c.

Total depreciation for the year was $60,000.

d.

To close the depreciation expense, it was determined that 70% should be allocated to the Shelter Program, 15% to the Education Program, and 15% to the Health Care Program.

Required:

Make the necessary journal entries to reflect the events.

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