[The following information applies to the questions displayed below] Greenscape Landscaping purchased a tractor at a cost of $45,000 and sold it three years later for $21,000. Greenscape accounted for depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $16,600 instead of $21,000. Record the sale. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Answer is not complete. No Transaction General Journal Debit Credit 1 1 Accumulated Depreciation 25,200 Cash 16,600 Loss 2,200 Equipment 45,000
[The following information applies to the questions displayed below] Greenscape Landscaping purchased a tractor at a cost of $45,000 and sold it three years later for $21,000. Greenscape accounted for depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $16,600 instead of $21,000. Record the sale. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Answer is not complete. No Transaction General Journal Debit Credit 1 1 Accumulated Depreciation 25,200 Cash 16,600 Loss 2,200 Equipment 45,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[The following information applies to the questions displayed below]
Greenscape Landscaping purchased a tractor at a cost of $45,000 and sold it three years later for $21,000. Greenscape
accounted for depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors
are included in the Equipment account.
2. Assume the tractor was sold for $16,600 instead of $21,000. Record the sale.
Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
Answer is not complete.
No
Transaction
General Journal
Debit
Credit
1
1
Accumulated Depreciation
25,200
Cash
16,600
Loss
2,200x
Equipment
45,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd16fccb-c5a7-4715-8bf0-54561516e585%2F1638da66-b201-4686-bc78-f841473afbd5%2Fr5lik1v_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below]
Greenscape Landscaping purchased a tractor at a cost of $45,000 and sold it three years later for $21,000. Greenscape
accounted for depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors
are included in the Equipment account.
2. Assume the tractor was sold for $16,600 instead of $21,000. Record the sale.
Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
Answer is not complete.
No
Transaction
General Journal
Debit
Credit
1
1
Accumulated Depreciation
25,200
Cash
16,600
Loss
2,200x
Equipment
45,000
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