Transaction 1C – December 31, Y5: On December 31, Y5 the Accumulated Depreciatio
ID: 2464671 • Letter: T
Question
Transaction 1C – December 31, Y5: On December 31, Y5 the Accumulated Depreciation account had balance of $12,000. On December 31, Y5 Jensen Company sold the vacuum pump for $19,000 cash. Give all journal entries related to the disposal of the vacuum pump.
Q22. Indicate the account title to be debited by $19,000.
A. Acct Receivable B. Accumulated Depreciation (Equipment) C. Cash
D. Gain on Asset Disposal E. None
Q23. Indicate the account title to be debited by $12,000.
A. Acct Receivable B. Accumulated Depreciation (Equipment) C. Cash
D. Loss on Asset Disposal E. None
Q24. Indicate the account title to be credited by $30,000.
A. Cash B. Equipment C. Gain on Asset Disposal
D. Loss on Asset Disposal E. None
Q25. Indicate the account title to be credited by $1,000.
A. Cash B. Equipment C. Gain on Asset Disposal
D. Loss on Asset Disposal E. None
Explanation / Answer
Q.22. Debit cash $19,000
Q.23 Debit Accumulated Depreciation $12,000
Q.24 Credit Equipment $30,000
Q.25 Credit Gain on Asset Disposal $ 1,000
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