Equipment that cost $20,000 was sold for $12,000 cash.Accumulated depreciation on the asset was $14,000.The entry to record the sale includes a credit to the Equipment account for

Name: Equipment that cost $20,000 was sold for $12,000 cash.Accumulated depreciation on the asset was $14,000.The entry to record the sale includes a credit to the Equipment account for
Brand: Quizplus
Rating: 4.8 (62 reviews)

Question

Quizplus · Accepted Answer

The Equipment account should be credited for the original cost of the equipment, which is $20,000.

Equipment That Cost $20,000 Was Sold for $12,000 Cash