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    mskwan34's Avatar
    mskwan34 Posts: 1, Reputation: 1
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    #1

    Jul 30, 2008, 11:18 AM
    How would I journalize this entry?
    Sold equipment in exchange for $55,000 cash plus receipt of a $25,000, 120-day, 6% note. The equipment had cost $96,000 and had accumulated depreciation of $10,000.
    john6's Avatar
    john6 Posts: 4, Reputation: 1
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    #2

    Aug 6, 2008, 11:14 PM
    Entry for this statement
    1. depreciation a/c dr. $10000
    To accumulated depreciation a/c $10000
    2.asset sold a/c dr. $96000
    To asset a/c $96000
    (cost of sold equipment)
    3.accumulated depreciation a/c dr. $10000
    To asset sold a/c $10000
    (accumulated dep. On sold machinery)
    4.p/l a/c dr. $6000
    To asset sold a/c $6000
    ( loss on sale)
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