Greenscape Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200. Greenscape recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $10,600 instead of $16,200. 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Greenscape Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200.
Greenscape recorded depreciation using the straight-line method, a five-year service life, and a $4,000
residual value. Tractors are included in the Equipment account.
2. Assume the tractor was sold for $10,600 instead of $16,200. 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.
Transcribed Image Text:Greenscape Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200. Greenscape recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $10,600 instead of $16,200. 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.
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