Gomez Company retires its delivery equipment, which cost $41,000. Accumulated de

Question

Gomez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.

Account/Description Debit Credit
1. ________ x
2. x ________




Assume the same information as (a), except that accumulated depreciation for Gomez Company is $39,000, instead of $41,000. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Account/Description Debit Credit
1. _______ x
2. _______ x
3. _________

Explanation / Answer

DR Accumulated depreciation 41,000 CR Fixed assets- equipment 41,000 DR Accumulated depreciation 39,000 DR Loss on equipment disposal 2,000 CR Fixed assets-equipment 41,000

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