#2 an entry to record a loss of disposal of plant assets includes #2 an entry to

Question

#2 an entry to record a loss of disposal of plant assets includes #2 an entry to record a loss of disposal of plant assets includes #2 an entry to record a loss of disposal of plant assets includes A debit to Equipment e. An entry to record a loss on disposal of equipment includes a. A debit to Gain on Disposal b. -2. A credit to Loss on Disposal A debit to Equipment d. c. A debit to Accumulated Depreciation None of these Lender Corp. lends Borrower Co. $20,000 on September 1, accepting a five-m A credit to Interest Receivable of $600 e. 3. presents the note to Borrower Co. on February 1, the maturity date, Lender Corp's a. b. c. A debit to Interest Revenue of $150 A debit to Cash of $20,000 A debit to Interest Revenue of $750 A debit to Notes Receivable of $20,000 d. e. 4. Allowance for Doubtful Accounts is a. the value an asset has lost over time. b. an expense c. an asset. d. a temporary account. e. a conra asset. ,5. Climate Co. purchases equipment on July 1, 2017 for $102,000. The estimated use hours. The estimated salvage value of the equipment is $2,000. The company uses the Calculate the depreciation expense to be recorded in an adjusting journal entry on Dece a. $9,600 b. $10,000 c. $10,400 d. $20,000 e. None of these 66 What is the normal balance of the Allowance for Doubtful Accounts? c. cannot be determined d. slightly to the left e. It is unbalanced declining balance method is the most commonly used depreciation meth

Explanation / Answer

Solution 2:

An entry to record a loss on disposal of equipment includes a debit to accumulated depreciation account.

As accumulated depreciation account have a credit balance so when the equipment is sold then the account is debited.

Answer is d.

And journal entry is

Equipment Dr

Cash Dr

Loss on disposal of equipment Dr

Accumulated dep Cr

  

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