City Petroleum Products owns furniture that was purchased for $20,000.Accumulated depreciation is $16,000.The furniture was sold for $3,800.Prepare the journal entry to record this transaction.Omit explanation.

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The Answer of City Petroleum Products owns furniture that was purchased for $20,000.Accumulated depreciation is $16,000.The furniture was sold for $3,800.Prepare the journal entry to record this transaction.Omit explanation.

City Petroleum Products Owns Furniture That Was Purchased for $20,000