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.) View transaction list Journal entry worksheet Record the accumulated depreciation of $7,070 and sale of equipment for $2,070 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal