Sowell Company owns a truck that cost $102,000. Depreciation totaling $70,000 had been taken on the truck
Question:
Sowell Company owns a truck that cost $102,000. Depreciation totaling $70,000 had been taken on the truck up to January 8, 2019, when it was sold for $28,300.
1. Give the journal entry to record the sale.
2. Assume, instead, that the truck is sold for $34,200. Give the journal entry to record the sale.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
GENERAL JOURNAL PAGE DATE DESCRIPTION POST REF DEBIT CREDIT 1 2019 1 1 2 Jan 8 Cash 28 ...View the full answer
Answered By
Krishnavendra Y
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagiarism), well-researched and critically analyzed papers.
4+ Reviews
10+ Question Solved
Related Book For 
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Question Posted:
