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Record the effect of each of the following sales of long - term assets on the accounting equation: Be sure to answer each; if no
Record the effect of each of the following sales of longterm assets on the accounting equation:
Be sure to answer each; if no effect, select No Effect".
Assets
Liabilities
Shareholders' Equity
A Debit Gain Loss on Sale of Equipment
B Credit Gain Loss on Sale of Equipment
C Debit Gain Loss on Sale of Equipment
D No effect
E Debit Gain Loss on Sale of Equipment
F Debit Gain Loss on Sale of Equipment ; Credit Depreciation Expense
G Debit Cash ; Credit Equipment
H Credit Gain Loss on Sale of Equipment
I. Debit Cash ; Debit Accumulated Depreciation ; Credit Equipment
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