Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A truck costing $62,000 has accumulated depreciation of $49,000. The truck is sold for $8,500. The journal entry to record this transaction is to: O
A truck costing $62,000 has accumulated depreciation of $49,000. The truck is sold for $8,500. The journal entry to record this transaction is to: O A. debit Accumulated Depreciation - Truck for $49,000, and credit Truck for $49,000. B. debit Cash for $8,500, debit Truck for $62,000, credit Accumulated Depreciation - Truck for $49,000 and credit Gain on Disposal for $21,500 O C. debit Cash for $4,500, debit Truck for $62,000, credit Accumulated Depreciation - Truck for $49,000, and credit Gain on Disposal for $8,500 OD. debit Cash for $8,500, debit Accumulated Depreciation - Truck for $49,000, debit loss on Disposal for $4,500, and credit Truck for $62,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started