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Rooster Ltd. sells a printing press for $10,000 in order to purchase a newer model. The cost of the old printing press was $45,000, and accumulated depreciation up to date is $33,000. The journal entry to record the sale of the old printing press will require a A. credit to Loss on Sale of Equipment for $6,000 O B. debit to Equipment for $45,000 C. credit to Cash for $10,000 D. debit to Accumulated Depreciation for $33,000 C

Rooster Ltd. sells a printing press for $10,000 in order to purchase a newer model. The cost of the old printing press was $45,000, and accumulated depreciation up to date is $33,000. The journal entry to record the sale of the old printing press will require a A. credit to Loss on Sale of Equipment for $6,000 O B. debit to Equipment for $45,000 C. credit to Cash for $10,000 D. debit to Accumulated Depreciation for $33,000 C

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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Rooster Ltd. sells a printing press for $10,000 in order to purchase a newer model. The cost of the old printing press was $45,000, and accumulated depreciation up to date is $33,000. The journal entry to record the sale of the old printing press will require a A. credit to Loss on Sale of Equipment for $6,000 O B. debit to Equipment for $45,000 C. credit to Cash for $10,000 D. debit to Accumulated Depreciation for $33,000 C
Transcribed Image Text:Rooster Ltd. sells a printing press for $10,000 in order to purchase a newer model. The cost of the old printing press was $45,000, and accumulated depreciation up to date is $33,000. The journal entry to record the sale of the old printing press will require a A. credit to Loss on Sale of Equipment for $6,000 O B. debit to Equipment for $45,000 C. credit to Cash for $10,000 D. debit to Accumulated Depreciation for $33,000 C
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