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Complete the problem below using these accounts as needed: Cash Accumulated Depreciation Party Bus Loss on Sale of Party Bus Depreciation Expense Gain on Sale of Party Bus PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no account name or DR/CR is needed, please use "None" and if no dollar amount is needed, please use "$0" - no quotation marks for either. You are to refer to the examples in the text for the proper order of the accounts. Party Hearty Co. owns a party bus that, all tricked out, costs $247,500, with accumulated depreciation of $123,450. Party Hearty Co. sells the party bus for cash. Record the journal entry for the sale of the party bus if Party Hearty Co. were to sell the party bus for the following amounts: Sold party bus for $118,635 cash:   DR     DR / CR?      DR / CR?      CR       Sold party bus for $124,050 cash:   DR     DR / CR?      CR     DR / CR?        Sold party bus for $137,950 cash:   DR     DR / CR?      CR     DR / CR?

Complete the problem below using these accounts as needed: Cash Accumulated Depreciation Party Bus Loss on Sale of Party Bus Depreciation Expense Gain on Sale of Party Bus PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no account name or DR/CR is needed, please use "None" and if no dollar amount is needed, please use "$0" - no quotation marks for either. You are to refer to the examples in the text for the proper order of the accounts. Party Hearty Co. owns a party bus that, all tricked out, costs $247,500, with accumulated depreciation of $123,450. Party Hearty Co. sells the party bus for cash. Record the journal entry for the sale of the party bus if Party Hearty Co. were to sell the party bus for the following amounts: Sold party bus for $118,635 cash:   DR     DR / CR?      DR / CR?      CR       Sold party bus for $124,050 cash:   DR     DR / CR?      CR     DR / CR?        Sold party bus for $137,950 cash:   DR     DR / CR?      CR     DR / CR?

FINANCIAL ACCOUNTING
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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Complete the problem below using these accounts as needed:

Cash

Accumulated Depreciation

 Party Bus
Loss on Sale of Party Bus Depreciation Expense

Gain on Sale of Party Bus

PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no account name or DR/CR is needed, please use "None" and if no dollar amount is needed, please use "$0" - no quotation marks for either. You are to refer to the examples in the text for the proper order of the accounts.

Party Hearty Co. owns a party bus that, all tricked out, costs $247,500, with accumulated depreciation of $123,450. Party Hearty Co. sells the party bus for cash. Record the journal entry for the sale of the party bus if Party Hearty Co. were to sell the party bus for the following amounts:

  • Sold party bus for $118,635 cash:
  •  
  • DR    
    DR / CR?     
    DR / CR?     
    CR    
  •  
  • Sold party bus for $124,050 cash:
  •  
  • DR    
    DR / CR?     
    CR    
    DR / CR?     
  •  
  • Sold party bus for $137,950 cash:
  •  
  • DR    
    DR / CR?     
    CR    
    DR / CR?     
  •  
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