Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. Equipment Costing440.000 with a book value of lle,ood is sold for $23,000, which journal entry is used to record the sale? A. Debit cash

image text in transcribed
6. Equipment Costing440.000 with a book value of lle,ood is sold for $23,000, which journal entry is used to record the sale? A. Debit cash for $23,000 and credit equipment for $ 23,000 B. Debit cash forelle 1000 debit loss on sale of equipment I for $ 7000 and credit equipment for $23,000 depriciation C. Debit cash for $23.1000, debit accumulated depression equipment for $27,000, credit Gain on sale of Equipment D. debit cash #161000, debit Accumulated Depreciation Hequipment for $24,000 and credit equipment for - $40,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions