Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include a:
A)Credit to Accumulated Depreciation of $40,000.
B)Credit to Gain on Sale of $2,000.
C)Credit to Machinery of $47,000.
D)Debit to Cash of $42,000.
E)Debit to Accumulated Depreciation of $47,000.

Question

Quizplus · Accepted Answer

Debit to Cash of $42,000.

Martinez Owns Machinery That Cost $87,000 with Accumulated Depreciation of $40,000