Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25,000 of accumulated depreciation and received cash in the amount of $2,000. (2) Assume the same facts except Geysler received $8,000. 1) general journal.  desscrcription.     debit.   credit cash.                        ?           ?  accum. deprec.      ?            ? ?                                ?            ? ?                                ?            ? 2) general journal.  desscrcription.     debit.   credit cash.                        ?           ?  ?                                ?            ? ?                                ?            ? equipment.              ?            ?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Prepare the journal entry for the following transactions:

(1) Geysler Company sold some old equipment that initially cost $30,000 and had $25,000 of accumulated depreciation and received cash in the amount of $2,000.

(2) Assume the same facts except Geysler received $8,000.

1)

general journal. 

desscrcription.     debit.   credit

cash.                        ?           ? 

accum. deprec.      ?            ?

?                                ?            ?

?                                ?            ?

2)

general journal. 

desscrcription.     debit.   credit

cash.                        ?           ? 

?                                ?            ?

?                                ?            ?

equipment.              ?            ?

 

 

 

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