Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $7,000. Movelt had originally purchased the truck for $12,000 and had recorded depreciation for three years. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was (b) $2,000. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 Cash 7,000 Accumulated Depreciation–Equipment 2,000 Equipment 12,000
Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $7,000. Movelt had originally purchased the truck for $12,000 and had recorded depreciation for three years. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was (b) $2,000. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 Cash 7,000 Accumulated Depreciation–Equipment 2,000 Equipment 12,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...
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