Appott Technologies recently sold some equipment for $6,800 cash.The equipment cost $23,000 and had accumulated depreciation through the date of sale totaling $17,250.The journal entry to record the sale of the equipment will include a
A) credit to accumulated depreciation of $17,250.
B) credit to equipment for $5,750.
C) debit to gain on sale of equipment for $1,050.
D) credit to gain on sale of equipment for $1,050.
E) debit to depreciation expense for $17,250.
Correct Answer:
Verified
Q106: A gain will result when the cash
Q107: A recoverability test for impairment
A)is based on
Q108: The sale of a plant asset may
Q109: Elton Enterprises has recently upgraded its
Q110: Once a company begins to make revaluation
Q112: Gains on disposal of plant assets are
Q113: The entry to journalize the impairment loss
Q114: An improvement or betterment is an expenditure
Q115: Equipment costing $45,000 with a book value
Q116: Companies electing to revalue their fixed assets
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