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Assume that, when the delivery truck was sold on January 1 , the accountant only recorded a debit to Cash and a credit to Gain

Assume that, when the delivery truck was sold on January

1,

the accountant only recorded a debit to Cash and a credit to Gain on

Disposal. Because of this, also assume that the accountant recorded depreciation on this asset for

2024 .

What accounts are now

overstated or understated because of these errors?

Gain on Disposal

Accumulated Depreciation

-

Vehicles

Depreciation Expense

Loss on Disposal

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