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Home Q & A Board Other Fields Homework Help Business Accounting
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tivo tivo
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A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500. The journal entry to record this transaction is to:
A) debit Cash for $8,500, debit Accumulated Depreciation – Truck for $50,000, credit Truck for $56,000, and credit Gain on Disposal for $2,500.
B) debit Accumulated Depreciation – Truck for $50,000, and credit Truck for $50,000.
C) debit Cash for $8,500, debit Truck for $56,000, credit Accumulated Depreciation – Truck for $50,000 and credit Gain on Disposal for $14,500.
D) debit Cash for $2,500, debit Truck for $56,000, credit Accumulated Depreciation – Truck for $50,000, and credit Gain on Disposal for $8,500.
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Financial Accounting

Financial Accounting


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

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tivo Author
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#2
7 years ago
Luckily this is the last business course I'll be taking. Thank you greatly
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#3
3 years ago
thank you
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