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Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash. (Remember: Computer equipment was deemed to have a 2 seven-year life with $1,000 salvage value - ROUND MONTHLY DEPRECIATION EXPENSE TO NEAREST WHOLE DOLLAR). Can someone please give me the correct journal entry for this problem?

Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash. (Remember: Computer equipment was deemed to have a 2 seven-year life with $1,000 salvage value - ROUND MONTHLY DEPRECIATION EXPENSE TO NEAREST WHOLE DOLLAR). Can someone please give me the correct journal entry for this problem?

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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Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash. (Remember: Computer equipment was deemed to have a 2 seven-year life with $1,000 salvage value - ROUND MONTHLY DEPRECIATION EXPENSE TO NEAREST WHOLE DOLLAR). Can someone please give me the correct journal entry for this problem?
Transcribed Image Text:Sold Computer Equipment from the initial October 1 transaction (setting up the company) that was recorded at $8,300 to Escambia County Schools for $7,500 cash. (Remember: Computer equipment was deemed to have a 2 seven-year life with $1,000 salvage value - ROUND MONTHLY DEPRECIATION EXPENSE TO NEAREST WHOLE DOLLAR). Can someone please give me the correct journal entry for this problem?
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