Sowthoveer Company sold some office furniture for $4,500 cash. The furniture cost $24,000 and had accumulated depreciation through the date of sale totaling $21,700. The journal entry to record the sale of the furniture will include a:

Question

Quizplus · Accepted Answer

The journal entry to record the sale of the furniture will include a debit to Cash for $4,500, a credit to Office Furniture for $24,000, a debit to Accumulated Depreciation for $21,700, and a credit to Gain on Sale of Furniture for $2,200 ($4,500 - $24,000 + $21,700 = $2,200). Therefore, the correct option is B (credit to Gain on Sale of Furniture for $2,200).

Sowthoveer Company Sold Some Office Furniture for $4,500 Cash