E10: Chapter 10 Plant Assets, Natural Resources and Intangibles (10 Points)

On April 2, 2016, Celine Co. sold equipment with a cost of $40,000 and accumulated depreciation of $30,000 for $12,000 cash. Prepare and post (to the general ledger accounts provided) the journal entry to record the sale of equipment. Remember to use the Date and PR columns in both the General Journal and the General Ledger. .

General Journal

				Page 4
Date	Account Titles and Explanation	PR	Debit	Credit
2016

Partial General Ledger

			Equipment	ACCT	150
Date					Debit
2016	Explanation	PR	Debit	Credit	Balance
4/01	Balance				40,000

			Accumulated Depreciation	ACCT	151
Date					Credit
2016	Explanation	PR	Debit	Credit	Balance
4/01	Balance				30,000