Accounting journal entries help
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:
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a. |
A computer with a book value of $500 (original cost, $2,800) was sold for $650. |
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b. |
Kitchen equipment with a book value of $1,100 (original cost, $3,500) was damaged in a fire and taken to the dump. |
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c. |
Total depreciation for the year was $60,000. |
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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.
