Carey Enterprises sold equipment on January 1, 2021 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equipment? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Carey Enterprises sold equipment on January 1, 2021 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equipment? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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![Carey Enterprises sold equipment on January 1, 2021 for $10,000. The equipment had cost $48,000. The balance in Accumulated
Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equipment? (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter O for the amounts.)
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8607a82b-0470-4c3f-b7cd-f3f900b7687d%2F6f59ed91-a22b-44ac-bfb1-124e6ed05754%2Fiec243_processed.png&w=3840&q=75)
Transcribed Image Text:Carey Enterprises sold equipment on January 1, 2021 for $10,000. The equipment had cost $48,000. The balance in Accumulated
Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equipment? (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
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