**Journal Entry Worksheet****Instruction:**1. Record the sale of equipment.**Note:**- Enter debits before credits.**Fields:**- **Transaction**: Section to enter transaction number.- **General Journal**: - **Debit**: Column for recording debit entries. - **Credit**: Column for recording credit entries.**Additional Instructions:**- If no entry is required for a particular transaction/event, select "No Journal Entry Required."**Options:**- **View transaction list**: A button on the right side of the screen.- **Next**: Button at the bottom for proceeding to the next step.This layout is designed to help users systematically enter their financial transactions in the general journal. Users should ensure accuracy in entering amounts and follow the guidance of recording debits before credits for consistency with accounting standards. **Exercise 7-17A Part 1****Topic: Recording the Sale of Equipment***The following information applies to the questions displayed below:*Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, with a five-year service life and a $3,500 residual value. Tractors are included in the Equipment account.---**Required:** 1. Record the sale. *(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)*- **View transaction list**---**Journal Entry Worksheet**---[Diagram Explanation:**There is no diagram or graph present in the image. The content is primarily instructional text for an educational exercise focusing on accounting for equipment sales. An AirPods case is partially visible but irrelevant to the educational content.]

Name: **Journal Entry Worksheet****Instruction:**1. Record the sale of equi
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Description: **Journal Entry Worksheet****Instruction:**1. Record the sale of equipment.**Note:**- Enter debits before credits.**Fields:**- **Transaction**: Section to enter transaction number.- **General Journal**: - **Debit**: Column for recording debit entri

Working: Purchase price of tractor: $25,000 Scrap Value of tractor: $3,500 Sale price of tractor:…

Business

Accounting

Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account.

Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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