Equipment was sold for $3,000. What is the journal entry to record the sale if the equipment had a cost of $45,000 and accumulated depreciation of $44,000? a) Cash 3,000 Accumulated depreciation 44,000 Equipment 45,000 Gain on sale of equipment 2,000 b) Cash 3,000 Equipment 1,000 Gain on sale of equipment 2,000 c) Cash 3,000 Loss on sale of equipment 42,000 Equipment 45,000 d) Accumulated depreciation 44,000 Loss on sale of equipment 1,000 Equipment 45,000
Equipment was sold for $3,000. What is the journal entry to record the sale if the equipment had a cost of $45,000 and accumulated depreciation of $44,000? a) Cash 3,000 Accumulated depreciation 44,000 Equipment 45,000 Gain on sale of equipment 2,000 b) Cash 3,000 Equipment 1,000 Gain on sale of equipment 2,000 c) Cash 3,000 Loss on sale of equipment 42,000 Equipment 45,000 d) Accumulated depreciation 44,000 Loss on sale of equipment 1,000 Equipment 45,000
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...
Related questions
Question
Equipment was sold for $3,000. What is the
a) |
Cash |
3,000 |
|
|
Accumulated depreciation |
44,000 |
|
|
Equipment |
|
45,000 |
|
Gain on sale of equipment |
|
2,000 |
b) |
Cash |
3,000 |
|
|
Equipment |
|
1,000 |
|
Gain on sale of equipment |
|
2,000 |
c) |
Cash |
3,000 |
|
|
Loss on sale of equipment |
42,000 |
|
|
Equipment |
|
45,000 |
d) |
Accumulated depreciation |
44,000 |
|
|
Loss on sale of equipment |
1,000 |
|
|
Equipment |
|
45,000
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning