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ABC Co. sells furniture for $15,000 cash on July 1, of 2019. The office furniture originally cost $50,000. As of January 1 of this 2019
ABC Co. sells furniture for $15,000 cash on July 1, of 2019. The office furniture originally cost $50,000. As of January 1 of this 2019 it had accumulated amortization of $35,000. Amortization for the first six months of 2019 is $4,000. The journal entry to record the first six months of depreciation would be: (2 Marks) Account Title Debit Credit The journal entry to record the sale would be: (4 Marks) Account Title Debit Credit Same scenario as above but this time the furniture is sold for $8,000. (4 Marks) Account Title Debit Credit
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