A truck that cost $72,000 and on which $60,000 of accumulated depreciation had been recorded was sold for $18,000 cash. The entry to record this transaction would include a credit to Accumulated Depreciation for $60,000. a debit to Loss on Sale of $6,000. credit to Gain on Sale of $6,000. credit to Equipment for $12,000.

A truck that cost $72,000 and on which $60,000 of accumulated depreciation had been recorded was sold for $18,000 cash. The entry to record this transaction would include a credit to Accumulated Depreciation for $60,000. a debit to Loss on Sale of $6,000. credit to Gain on Sale of $6,000. credit to Equipment for $12,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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