Quick Express, a leading courier company, sold a small delivery truck that had been used in the

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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?

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Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

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Question Posted: Feb 08, 2024 12:00 AM

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Quick Express, a leading courier company, sold a small delivery truck that had been used in the

Question:

Delivery truck cost $47.000 Accumulated depreciation $39000

Step by Step Answer:

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

Financial Accounting An Integrated Approach

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