Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On 30th June, after depreciation was recorded, the business sold an old delivery truck that had a written down value of $8,500.00 at the end
On 30th June, after depreciation was recorded, the business sold an old delivery truck that had a written down value of $8,500.00 at the end of the month, for $8,800.00 cash (the $8,800 is inclusive of GST). The delivery truck originally cost $25,000.00. This amount was not banked as at 30th June, however, it was entered into the Cash records and is to be treated as an Outstanding Deposit on the Bank Reconciliation Statement
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started