Question
The following selected information is from Ellerby Companys comparative balance sheets. At December 31 2017 2016 Furniture $ 135,000 $ 188,500 Accumulated depreciationFurniture (89,700 )
The following selected information is from Ellerby Companys comparative balance sheets.
| At December 31 | 2017 | 2016 | |||||
| Furniture | $ | 135,000 | $ | 188,500 | |||
| Accumulated depreciationFurniture | (89,700 | ) | (111,700 | ) | |||
The income statement reports depreciation expense for the year of $19,000. Also, furniture costing $53,500 was sold for its book value on December 31, 2017
Complete the general ledger accounts to calculate the cash received from the sale of furniture
. 
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Financial Accounting Australia And New Zealand Edition
Authors: Jerry J. Weygandt
11th Edition
1119668654, 978-1119668657
