A truck costing $56,000 has accumulated depreciation of $50,000.The truck is sold for $8,500.The journal entry to record this transaction is to:
A) debit Cash for $8,500,debit Accumulated Depreciation - Truck for $50,000,credit Truck for $56,000,and credit Gain on Disposal for $2,500.
B) debit Accumulated Depreciation - Truck for $50,000,and credit Truck for $50,000.
C) debit Cash for $8,500,debit Truck for $56,000,credit Accumulated Depreciation - Truck for $50,000 and credit Gain on Disposal for $14,500.
D) debit Cash for $2,500,debit Truck for $56,000,credit Accumulated Depreciation - Truck for $50,000,and credit Gain on Disposal for $8,500.
Correct Answer:
Verified
Q86: A piece of equipment that was originally
Q99: GAAP requires that exchanges of assets must
Q101: Amortization is computed over the useful life
Q102: A truck costing $56,000 has accumulated depreciation
Q102: Which of the following would be debited
Q103: Levi's would be an example of a:
A)trademark.
B)copyright.
C)brand
Q105: Equipment costing $118,000 has accumulated depreciation of
Q105: Copyrights to protect various forms of media
Q107: Which of the following accounts would be
Q119: The slogan "Can you hear me now?"
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents