Question
Need help with the following journal entry.... Office equipment costing 10,000 was sold for cash in the amount of $15,000. Remember, you need to remove
Need help with the following journal entry....
Office equipment costing 10,000 was sold for cash in the amount of $15,000. Remember, you need to remove the accumulated depreciation for that equipment. Company uses straight line depreciation method, with a five year life and no salvage balance. Unadjusted trial balance shows a credit of $250 for accumulated depreciation, office expense.
I know the journal entry will look like this, I am just having trouble with some of the figures. Any help would be appreciated!
Cash $15,000 (DR)
Accumulated Depreciation $ _______ (DR)
Office Equipment $10,000 (CR)
Gain or Loss on sale of asset $_______ (CR)
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