Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash. (Remember: Computer equipment was deemed to have a 2 seven-year life with $1,000 salvage value - ROUND MONTHLY DEPRECIATION EXPENSE TO NEAREST WHOLE DOLLAR). Can someone please give me the correct journal entry for this problem?

Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash. (Remember: Computer equipment was deemed to have a 2 seven-year life with $1,000 salvage value - ROUND MONTHLY DEPRECIATION EXPENSE TO NEAREST WHOLE DOLLAR). Can someone please give me the correct journal entry for this problem?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11PA: Montezuma Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and...

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