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Garcia Company owns equipment that cost $82,800, with accumulated depreciation of $43,800. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $51,500 cash, (2) $39,000 cash, and (3) $33,900 cash.

Garcia Company owns equipment that cost $82,800, with accumulated depreciation of $43,800. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $51,500 cash, (2) $39,000 cash, and (3) $33,900 cash.

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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QS 8-10 (Algo) Disposal of assets LO P2 Garcia Company owns equipment that cost $82,800, with accumulated depreciation of $43,800. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $51,500 cash, (2) $39,000 cash, and (3) $33,900 cash. View transaction list View journal entry worksheet A Record the sale of equipment assuming Garcia sells the equipment for $51,500 cash. B Record the sale of equipment assuming Garcia sells the equipment for $39,000 cash. C Record the sale of equipment assuming Garcia sells the equipment for $33,900 cash. Note : = journal entry has been entered X Debit 82,800 Credit 51,500
Transcribed Image Text:QS 8-10 (Algo) Disposal of assets LO P2 Garcia Company owns equipment that cost $82,800, with accumulated depreciation of $43,800. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $51,500 cash, (2) $39,000 cash, and (3) $33,900 cash. View transaction list View journal entry worksheet A Record the sale of equipment assuming Garcia sells the equipment for $51,500 cash. B Record the sale of equipment assuming Garcia sells the equipment for $39,000 cash. C Record the sale of equipment assuming Garcia sells the equipment for $33,900 cash. Note : = journal entry has been entered X Debit 82,800 Credit 51,500
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