Question
A machine that cost $9,000 with a book value of $2,000 is sold for $1,100, and an entry is made. Which of the following is
A machine that cost $9,000 with a book value of $2,000 is sold for $1,100, and an entry is made. Which of the following is true about the entry?
Accumulated Depreciation is debited for $2,000.
Machinery is credited for $2,000.
Loss on Sale of Machinery is credited for $900.
Accumulated Depreciation is debited for $7,000.
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
