ABO purchased a truck at the beginning of 2018 for $140,000. They sold the truck at the end of 2019 for $95,000. If the company has recognized $40,000 in depreciation prior to selling the truck, which of the following is true regarding the entry to record the sale of the truck? A) Debit Loss $5,000. B) Credit Equipment $100,000. C) Credit Gain $5,000. D) Credit Accumulated Depreciation $40,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “ABO purchased a truck at the beginning of 2018 for $140,000. They sold the truck at the end of 2019 for $95,000. If the company has ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
When an item is purchased, money is exchange for the right to
Answers (1)
On September 23, Reese Company received a $350 check from Mike Moluf for services to be performed in the future. The bookkeeper for Reese Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350.
Answers (1)
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost Apr. 1 Beginning inventory 490 $ 2.16 Apr. 20 Purchase 420 2.63 Dunbar sold 570 units of inventory during the month.
Answers (1)
Which of the following is an educational service provided by many local governments?
Answers (1)
Ted Catering received $1,160 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt.
Answers (1)
New Questions in Business
Wheeling Inc. uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging analysis equals $6,900.
Answers (1)
In Illinois Mobile homes are generally considered?
Answers (1)
In 2019, Grant's personal residence was completely destroyed by fire. He was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income before considering the casualty item of $30,000.
Answers (1)
In the current year, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 capital loss carryforward available from the previous year.
Answers (1)
28. After aging Accounts Receivable, Z Company estimates uncollectible for 2015 to be $4,000. The balance in the allowance account at January 1, 2015 was a $300 credit. During the year, Z Co. wrote off $400 of accounts receivable.
Answers (1)