Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The...
Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The journal entry will involve a debit to accumulated depreciation for $2,200. debit to depreciation expense for $17,800. credit to accumulated depreciation for $17,800. credit to depreciation expense for $17,800. debit to accumulated depreciation for $17,800.
Homework Answers
Solution:
The option ,'d, debit to accumulated depreciation for $17,800 is correct option.
Explanation:
Journal entry
| No. | General journal | Debit | Credit |
| 1. | Cash | $2,500 | |
| Accumulated depreciation | $17,800 | ||
| Equipment | $20,000 | ||
| Gain on sale | $300 | ||
| ( To record the sale of equipment) |
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Question 6 Equipment costing $20,000 with $17,800 of accumulated
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