In recording the trade of one asset for another,which of the following accounts is usually debited?
A) Cash
B) Accumulated Depreciation-Old Asset
C) Gain on Exchange of Asset
D) None of these

Question

Quizplus · Accepted Answer

When trading one asset for another, the accumulated depreciation of the old asset is debited to remove it from the books, reflecting the reduction in the asset's value over time.

In Recording the Trade of One Asset for Another,which of the Following