Question
June Company Ltd. recently sold some used furniture for $3,800 cash. The furniture cost $19,600 and had accumulated amortization through the date of sale totalling
June Company Ltd. recently sold some used furniture for $3,800 cash. The furniture cost $19,600 and had accumulated amortization through the date of sale totalling $17,300. The journal entry to record the sale of the furniture is:
A)
Cash | 3,800 |
|
Accum. Amort.-Furniture | 17,300 |
|
Furniture |
| 19,600 |
Gain on Sale of Furniture |
| 1,500 |
B)
Cash | 3,800 |
|
Furniture |
| 3,800 |
C)
Cash | 3,800 |
|
Gain on Sale of Furniture |
| 3,800 |
D)
Cash | 3,800 |
|
Accum. Amort.-Furniture | 15,800 |
|
Furniture |
| 19,600 |
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