broadwaypoetry broadwaypoetry

16-09-2022
Mathematics

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A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500. What is the journal entry for this transaction?

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kalaafineaf16 kalaafineaf16

16-09-2022

14500 !!!!!!!!!!!!!!!!!

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dianamayen80 dianamayen80

16-09-2022

Answer: 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.

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