Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $18,000. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018.

Prepare the journal entry to record the sale of the car assuming the car sold for (a) $8,000 cash, (b) $5,500 cash, and (c) $9,800 cash. The company recorded the car as equipment.

CHART OF ACCOUNTS

Perfect Auto Rentals

General Ledger

	ASSETS
111	Cash
121	Accounts Receivable
122	Notes Receivable
123	Supplies
124	Prepaid Insurance
125	Prepaid Rent
126	Inventory
127	Interest Receivable
130	Investment
131	Land
132	Buildings
133	Equipment
134	Furniture
135	Trucks
139	Accumulated Depreciation
141	Patent
142	Copyright
143	Trademark
144	Franchise
145	Goodwill
151	Natural Resources
159	Accumulated Depletion

	LIABILITIES
211	Accounts Payable
212	Notes Payable
213	Income Taxes Payable
214	Wages Payable
215	Utilities Payable
216	Insurance Payable
217	Rent Payable
221	Interest Payable
222	Unearned Service Revenue
223	Unearned Rent Revenue
231	Bonds Payable

	EQUITY
311	Common Stock
321	Retained Earnings
331	Dividends