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 $3,000. (2) Assume the facts except Geysler received $9,000.

FINANCIAL ACCOUNTING
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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 $3,000. (2) Assume the facts except
Geysler received $9,000.
Transcribed Image Text: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 $3,000. (2) Assume the facts except Geysler received $9,000.
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