Exam Laboratories gathered the following data for the year ended December 31,20X3,related to its equipment.
$\begin{array}{llc}
&&\text { Accumulated}\
&\text { Equipment }&\text { Depreciation } \
&&\text { Equipment }\
\text { January } 1,20 \times 3, \text { belance } & \$ 85,000 & \$ 40,000 \
\text { Total debits to the account } & 55,000 & ? \
\text { Total credits to the account } & ? & 51,000 \
\text { December } 31,20 \times 3 \text {, balance } & 92,000 & 56.000
\end{array}$
Based on the above data,prepare the journal entry to record the sale of equipment during the year
for $11,500 cash.

Question

Exam Laboratories gathered the following data for the year ended December 31,20X3,related to its equipment.
 $\begin{array}{llc}
&&\text { Accumulated}\
&\text { Equipment }&\text { Depreciation } \
&&\text { Equipment }\
\text { January } 1,20 \times 3, \text { belance } & \$ 85,000 & \$ 40,000 \
\text { Total debits to the account } & 55,000 & ? \
\text { Total credits to the account } & ? & 51,000 \
\text { December } 31,20 \times 3 \text {, balance } & 92,000 & 56.000
\end{array}$ 
Based on the above data,prepare the journal entry to record the sale of equipment during the year
for $11,500 cash.

Quizplus · Accepted Answer

The Answer of Exam Laboratories gathered the following data for the year ended December 31,20X3,related to its equipment.
 $\begin{array}{llc}
&&\text { Accumulated}\
&\text { Equipment }&\text { Depreciation } \
&&\text { Equipment }\
\text { January } 1,20 \times 3, \text { belance } & \$ 85,000 & \$ 40,000 \
\text { Total debits to the account } & 55,000 & ? \
\text { Total credits to the account } & ? & 51,000 \
\text { December } 31,20 \times 3 \text {, balance } & 92,000 & 56.000
\end{array}$ 
Based on the above data,prepare the journal entry to record the sale of equipment during the year
for $11,500 cash.

Exam Laboratories Gathered the Following Data for the Year Ended