On May 31, 2024, Stone company discarded equipment costing $ 53,000. Accumulated Depreciation as of December 31, 2023, was $ 45,000. Assume annual depreciation on the equipment is $ 3,600. Prepare the journal entries needed for the May 31, 2024, depreciation expense and disposal of the equipment. Omit explanations. (Record debits first, then credits.)

Question

On May 31​, 2024​, Stone company discarded equipment costing $ 53,000. Accumulated Depreciation as of December ​31, 2023​, was $ 45,000. Assume annual depreciation on the equipment is $ 3,600. Prepare the journal entries needed for the May 31​, 2024​, depreciation expense and disposal of the equipment. Omit explanations. ​(Record debits​ first, then​ credits.) 
Journalize the depreciation expense at May 31, 2024.

GPT-4o mini · Answer

**Journal Entry for Depreciation Expense on May 31, 2024:** ``` Date Account Title Debit Credit May 31, 2024 Depreciation Expense 3,600 Accumulated Depreciation 3,600 ``` **Journal Entry for Disposal of the Equipment on May 31, 2024:** ``` Date Account Title Debit Credit May 31, 2024 Accumulated Depreciation 49,600 Loss on Disposal of Equipment 3,400 Equipment 53,000 ```