Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $24,000 and had $20,000 of accumulated depreciation and received cash in the amount of $2,400. General Journal Credit Description Debit Cash Accumulated depreciation (2) Assume the same facts except Geysler received $7,200. General Journal Credit Description Debit Cash Accumulated depreciation Equipment Gain on equipment Loss on equipment Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $24,000 and had $20,00o0 of accumulated depreciation and received cash in the amount of $2,400. General Journal Credit Description Debit Cash Accumulated depreciation (2) Assume the same facts except Geysler received $7,200. General Journal Description Debit Credit Cash Equipment