Exercise 7-17 (Algo) Part 2 2. Assume the tractor was sold for $10,000 instead of $16,000. 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
Exercise 7-17 (Algo) Part 2 2. Assume the tractor was sold for $10,000 instead of $16,000. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![er 7 Homework
of 2
56:37
3
-ok
nt
7
ences
Required information
Exercise 7-17 (Algo) Record the sale of equipment (LO7-6)
[The following information applies to the questions displayed below.]
Greenscape Landscaping purchased a tractor at a cost of $32,000 and sold it three years later for $16,000. Greenscape
recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are
included in the Equipment account.
Exercise 7-17 (Algo) Part 2
2. Assume the tractor was sold for $10,000 instead of $16,000. 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
<
1
Record the sale of tractor.
Note: Enter debits before credits.
Transaction
1
Saved
General Journal
< Prev
Debit
4
Credit
of 7
Next >
Change bamb
Help Save
C](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdc7c5ec4-6458-48ac-b580-7110d1dd08da%2Fc4aa2605-5450-4745-898b-2384769bc876%2Fim3g60f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:er 7 Homework
of 2
56:37
3
-ok
nt
7
ences
Required information
Exercise 7-17 (Algo) Record the sale of equipment (LO7-6)
[The following information applies to the questions displayed below.]
Greenscape Landscaping purchased a tractor at a cost of $32,000 and sold it three years later for $16,000. Greenscape
recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are
included in the Equipment account.
Exercise 7-17 (Algo) Part 2
2. Assume the tractor was sold for $10,000 instead of $16,000. 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
<
1
Record the sale of tractor.
Note: Enter debits before credits.
Transaction
1
Saved
General Journal
< Prev
Debit
4
Credit
of 7
Next >
Change bamb
Help Save
C
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