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8 November, 08:23

A truck costing $12,100, which has Accumulated Depreciation of $9,010, was sold for $2,010 cash. The entry to record this event would include a:

-loss of $1,080.

-gain of $1,080.

-credit to the Vehicles account for $3,090.

-credit to Accumulated Depreciation for $9,010.

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  1. 8 November, 12:18
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    Loss of $1,080

    Explanation:

    The correct journal entries would be:

    Dr Accumulated Depreciation 9,010

    Dr Cash 2,010

    Dr Loss on sale 1,080

    Cr Truck (Asset) 12,100

    Thus, the correct answer is a loss of $1,080
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