Gaston owns equipment that cost $22,000 with accumulated depreciation of $6,600. Gaston asks $14,900 for the...
Gaston owns equipment that cost $22,000 with accumulated depreciation of $6,600. Gaston asks $14,900 for the equipment but sells the equipment for $13,900. Which of the following would not be part of the journal entry to record the disposal of the equipment?
Multiple Choice
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Credit Equipment $22,000.
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Debit Loss on Disposal of Equipment $1,500.
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Debit Cash $13,900.
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Credit Gain on Disposal of Equipment $1,500.
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Debit Accumulated Depreciation $6,600.
Homework Answers
Journal Entry for Sale of Equipment :-
Cash – Dr $13900
Accumulated Depreciation – Dr $6600
Loss on Disposal of Equipment – Dr $1500
Equipment – Cr $22000
Hence Credit Gain on Disposal of Equipment $1,500 would not be part of the journal entry to record the disposal of the equipment
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