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Did I do this correctly?? Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,000. Strawberry Fields
Did I do this correctly??
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,000. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? 5:02 Loss on sale $ 1,000 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the sale. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cash 25,000 26 non Accumulated Denreciation 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale. Note: Enter debits before credits. Credit Transaction 1 General Journal Cash Accumulated Depreciation Loss Equipment Debit 25,000 26,000 1,000 38,000 Record entry Clear entry View general journal
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