No Service 8:47 AM Ql ezto.mheducation.com The following information applies to

Question

No Service 8:47 AM Ql ezto.mheducation.com The following information applies to the questions displayed below. Corporation is world's leading epress-dstribution company sicrat the company a that Moveit solddeivery vuck for $7,000 Movem had o raty purchased the recorded depreciation fer ee uck for St2.000 had Prepare the journal entry to record the disposal of the truck assuming that Accumulated Depreciation was (a) $5,000, (b) $2,000, and (c) $7,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the sale of the truck that has an accumulated depreciation balance of 5,000 at the time of disposal Hints References

Explanation / Answer

Journal Entry Particulars Dr Amt Cr Amt a) Cash Dr                  7,000.00 Accumulated Depreciation Dr                  5,000.00 To Truck             12,000.00 b) Cash Dr                  7,000.00 Accumulated Depreciation Dr                  2,000.00 Loss on Sale of Truck Dr = 12000 - 2000 - 7000                  3,000.00 To Truck             12,000.00 c) Cash Dr                  7,000.00 Accumulated Depreciation Dr                  7,000.00 To Profit on Sale of Truck = 7000 + 7000 - 12000                  2,000.00 To Truck             12,000.00

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