Question

Garcia Co. owns equipment that cost $77,600, with accumulated depreciation of $41,200. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $47,600 cash, (2) $36,400 cash, and (3) $31,300 cash. View transaction list Journal entry worksheet A B C Record the sale of equipment assuming Garcia sells the equipment for $47,600 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit

I need all three journals

Answer 1

Answer:

No	Transaction	Accounts Titles	Debit $	Credit $
1	1	Cash	47,600
		Accumulated depreciation	41,200
		Equipment		77,600
		Gain on sale of equipment		11,200
2	2	Cash	36,400
		Accumulated depreciation	41,200
		Equipment		77,600
3	3	Cash	31,300
		Accumulated depreciation	41,200
		Loss on sale of equipment	5,100
		Equipment		77,600