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.

Question

Quizplus · Accepted Answer

The Answer of 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.

South City Shelter Is a Voluntary Health and Welfare Organization