Paxton Company owns a truck that cost $112,000. Depreciation totaling $76,000 had been taken on the truck
Question:
Paxton Company owns a truck that cost $112,000. Depreciation totaling $76,000 had been taken on the truck up to January 8, 20X1, when it was sold for $34,300.
1. Give the journal entry to record the sale.
2. Assume, instead, that the truck is sold for $38,200. Give the journal entry to record the sale.
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120X1 Jan 2 3 4 5 6 7 8 9 10 DATE 11 12 13 1 8 Cash GENERAL JOURNAL 2 8 Cash DESC...View the full answer
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Related Book For
College Accounting Chapters 1-30
ISBN: 9781260247909
16th Edition
Authors: David Haddock, John Price, Michael Farina
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