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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
wrote...
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Posts: 5977
Rep: 293 0
9 years ago
Assume that a general capital asset was sold for $2,500. The asset was originally purchased for $10,000 and has been in use for 3 years. It has an estimated life of 5 years. What entry would be made in the General Fund to reflect this sale?
   
      Debit   Credit
A.   Cash
   General Capital Assets   $2,500   
$2,500
B.   Cash
Accumulated Depreciation
Loss on Sale of Capital Assets
   General Capital Assets   $2,500
6,000
1,500   


10,000
C.   Cash
   Other Financing Sources   $2,500   
$2,500
D.   Cash
Loss on Sale of Capital Assets
   General Capital Assets, net   $2,500
1,500   

$4,000
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3 Replies
Diesel
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Answer accepted by topic starter
f_zah1f_zah1
wrote...
#1
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Posts: 10774
Rep: 1064 3
9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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