Question
Simon Company discards a truck that was originally purchased for $20,000 and had accumulated depreciation of $20,000. What is the journal entry for the disposal?
Simon Company discards a truck that was originally purchased for $20,000 and had accumulated depreciation of $20,000. What is the journal entry for the disposal?
A.
| Truck | 20,000 | |
| Depreciation ExpenseTruck | 20,000 |
B.
| Truck | 20,000 | |
| Accumulated DepreciationTruck | 20,000 |
C.
| Accumulated DepreciationTruck | 20,000 | |
| Truck | 20,000 |
D.
| Depreciation ExpenseTruck | 20,000 | |
| Truck | 20,000 |
On January 1 of the current year, Talbert Services received
$21,000
in advance of performing the services from a customer for the next three months. What would be the journal entry to record the receipt of the advanced payment?
A.
| Cash | 7,000 | |
| Unearned Revenue | 7,000 |
B.
| Unearned Revenue | 7,000 | |
| Cash | 7,000 |
C.
| Unearned Revenue | 21,000 | |
| Cash | 21,000 |
D.
| Cash | 21,000 | |
| Unearned Revenue | 21,000 |
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