Quick Express, a leading courier company, sold a small delivery truck that had been used in the
Question:
Quick Express, a leading courier company, sold a small delivery truck that had been used in the business for five years. The records of the company reflected the following:
What is the journal entry for the disposal of the truck, assuming that the truck sold for:
1. $8000 cash?
2. $9000 cash?
3. $7100 cash?
Transcribed Image Text:
Delivery truck cost $47.000 Accumulated depreciation $39000
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To record the disposal of an asset such as the delivery truck we first need to determine the book value of the asset at the time of disposal The book ...View the full answer
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Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170349680
6th Edition
Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson
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