Knowledge Check 01\ On October 1 , equipment costing

$10,700

, on which

$7,070

of accumulated depreciation has been recorded (through that date) was sold for

$2,070

cash.\ Prepare the appropriate journal entry for the sale of the equipment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Knowledge Check 01 On October 1 , equipment costing $10,700, on which $7,070 of accumulated depreciation has been recorded (through that date) was sold for $2,070 cash. Prepare the appropriate journal entry for the sale of the equipment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)