Equipment was sold for $3,000. What is the journal entry to record the sale if the equipment had a cost of $45,000 and accumulated depreciation of $44,000? a)Cash3,000 Accumulated depreciation44,000 Equipment 45,000 Gain on sale of equipment 2,000 b)Cash3,000 Equipment 1,000 Gain on sale of equipment 2,000 c)Cash3,000 Loss on sale of equipment42,000 Equipment 45,000 d)Accumulated depreciation44,000 Loss on sale of equipment1,000 Equipment 45,000

Equipment Cost = 45000 Accumulated Depreciation = 44000 Written Down Value = Cost -Accumulated…

Answered: Equipment was sold for $3,000. What is…

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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Equipment was sold for $3,000. What is the journal entry to record the sale if the equipment had a cost of $45,000 and accumulated depreciation of $44,000?

a)	Cash	3,000
	Accumulated depreciation	44,000
	Equipment		45,000
	Gain on sale of equipment		2,000

b)	Cash	3,000
	Equipment		1,000
	Gain on sale of equipment		2,000

c)	Cash	3,000
	Loss on sale of equipment	42,000
	Equipment		45,000

Accumulated depreciation

44,000

Loss on sale of equipment

1,000

Equipment

45,000

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