Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $45,000 and had $37,500 of accumulated depreciation and received cash in the amount of $4,500. General Journal Cash Description Accumulated depreciation Loss on equipment Cash Description Debit Equipment (2) Assume the same facts except Geysler received $13,500. General Journal Accumulated depreciation + Gain on equipment Equipment 4500 37500 3000 Debit Credit E 13500 37500 45000 Credit 45000 6000

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Prepare the joumal entryfor the followirg transoctings