Question
A company destroys a desk that originally cost $2,000, and has been fully depreciated. Identify the correct entry below: Debit Profit/Loss on Disposal of Fixed
A company destroys a desk that originally cost $2,000, and has been fully depreciated. Identify the correct entry below: Debit Profit/Loss on Disposal of Fixed Assets, $2,000; Credit Equipment, $2,000 Debit Profit/Loss on Disposal of Fixed Assets, $2,000; Credit Accumulated Depreciation, $2,000 Debit Accumulated Depreciation, $2,000; Credit Equipment, $2,000 No entry required as the desk is fully depreciated
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Accounting Information Systems
Authors: George H. Bodnar, William S. Hopwood
11th Edition
0132871939, 978-0132871938
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