If an asset is sold:
A) depreciation must be recorded to the date of sale.
B) the cost of the asset is compared to the selling price to determine any gain or loss.
C) the journal entry to record the sale will include a credit to cash.
D) for a gain, total assets remain the same and total equity increases.

Question

Quizplus · Accepted Answer

The Answer of If an asset is sold:
A) depreciation must be recorded to the date of sale.
B) the cost of the asset is compared to the selling price to determine any gain or loss.
C) the journal entry to record the sale will include a credit to cash.
D) for a gain, total assets remain the same and total equity increases.

If an Asset Is Sold