Solved

Lightning Delivery, Inc

Question 73

Multiple Choice

Lightning Delivery, Inc.purchased a truck on January 1, 2013, for $30,000.The truck had an estimated life of 5 years and an estimated residual value of $5,000.Lightning Delivery used the straight-line method to depreciate the asset.On July 1, 2015, the truck was sold for $17,000 cash.The journal entry to record the sale of the truck in 2015


A) decreases stockholder's equity
B) increases total assets
C) decreases total expenses
D) increases net income

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents