An asset acquired January 1, 2018, for $14,100 with an estimated 10-year life and no residual...

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An asset acquired January 1, 2018, for $14,100 with an estimated 10-year life and no residual...

An asset acquired January 1, 2018, for $14,100 with an estimated 10-year life and no residual value is being depreciated in an equipment group asset account that has an average service life of eight years. The asset is sold on December 31, 2019, for $6,900. The entry to record the sale would be:

Multiple Choice

Cash 6,900

Loss on sale of equipment 7,200

Equipment 14,100
Cash 6,900

Equipment 6,900
Cash 6,900

Accumulated depreciation 7,200

Equipment 14,100

business accounting

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Answer 1

Answer #1

Journal entry

date	account and explanation	Debit	Credit
	Cash	6900
	Accumulated depreciation	7200
	Equipment		14100

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Answer 2

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