Question

The following information is for X Company for 2019: Equipment, January 1 ?? Equipment, December 31...

The following information is for X Company for 2019:

Equipment, January 1 ??
Equipment, December 31 $12,588
Purchases of equipment $6,886
Cost of equipment sold $3,993
Depreciation expense $1,395

What was the balance of the Equipment account on January 1, 2019?

Business   Accounting   
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Answer #1
Equipment, December 31 $            12,588
Less:Purchase of equipment $             -6,886
Add:Cost of equipment Sold $              3,993
Add:Depreciation expenses $              1,395
Equipment, January 1 $            11,090
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