Abbott Landscaping purchased a tractor at a cost of $33,000 and sold it three years later for $16,500. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account

2.Assume the tractor was sold for $10,300 instead of $16,500. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet

• Record the sale of equipment.

• Note: Enter debits before credits.

  Transaction	General Journal	Debit	Credit
  1