Assume That a General Capital Asset Was Sold for $2,500

Assume that a general capital asset was sold for $2,500. The asset was originally purchased for $10,000 and has been in use for 3 years. It has an estimated life of 5 years. What entry would be made in the General Fund to reflect this sale? $\begin{array}{llr}&&\text { Debit }&\text {Credit }\\ \text { A. } &\text { Cash. } &2,500\\& \text { General Capital Assets} &&\$2,500\\ \text { B. } & \text { Cash. } &\$2,500\\ &\text { Accumulated Depreciation} &6,000\\ &\text { Loss on Sale of Capital Assets} &1,500\\ &\text {General Capital Assets } &&10,000\\\text { C. } & \text {Cash } &\$2,500\\ &\text { Other Financing Sources} &&\$2,500\\\text { D. } & \text {Cash } &\$2,500\\ &\text { Loss on Sale of Capital Assets } &1,500\\ &\text { General Capital Assets, net } &&\$4,000\\\end{array}$