EGE 6. A truck that a. satnuary 1. A000 and on which s9,000 of accumulated depre

Question

EGE 6. A truck that a. satnuary 1. A000 and on which s9,000 of accumulated depreciation has been recorded was sold cost s12,000 ccumulated uck was sold for $2,000 cash. The entry to record this event is 3,000 Truck 3,000 b. Accumulated Depreciation 11,000 10,000 1,000 Gain on Sale of Truck c. Cash Accumulated Depreciation - Truck Loss on Sale of Truck 2,000 9,000 1,000 Truck 12,000 d. Truck 9,000 Accumulated Depreciation-Truck 9,000 e. none of the above The board of directors of record on July 1, 2010-The a. Cash 7. Irondale Corporation declared a cash dividend of S2.50 per share on 57,000 of common stock on June 14, 2010. The dividend is to be paid on July 15, 2010, to shareholders of proper entry to be recorded on July 15. 2010 is, Dividends Payable 142,500 b. Dividends Payable 142,500 Cash 142,500 c. Cash 142,500 Dividends 142,500 d. Dividends 142,500 Cash 142,500 e. none of the above

Explanation / Answer

6. The answer is "c"

Debit - cash - 2,000

Debit - accumulated depreciation - 9,000

Debit - loss on sale of truck - 1,000

Credit - truck - 12,000

7. The answer is "b"

Debit - dividend payable - 142,500

Credit - cash - 142,500

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