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Home Q & A Board Other Fields Homework Help Business Accounting
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bravata bravata
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7 years ago
A truck costing $56,000 has accumulated depreciation of $50,000. The truck is scrapped for $500. The journal entry to record this transaction is to:
A) debit Cash for $500, debit Truck for $50,000, debit Loss on Disposal for $5,500 and credit Accumulated Depreciation – Truck for $56,000.
B) debit Cash for $500, debit Accumulated Depreciation – Truck for $50,000, debit Loss on Disposal for $5,500 and credit Truck for $56,000.
C) debit Accumulated Depreciation – Truck for $50,000, debit Loss on Disposal $6,000, and credit Truck for $56,000.
D) debit Cash for $500, debit Loss on Disposal for $55,500 and credit Truck for $56,000.
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Financial Accounting

Financial Accounting


Edition: 3rd
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antonio_johnantonio_john
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Massachusetts Institute of Technology
-- Accounting

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bravata Author
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6 years ago
Let me just say, you are awesome Smiling Face with Open Mouth
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