On July 23rd a used truck was sold for $3,500. The truck had an original cost of $2,200 and accumulated depreciation on the date of sale $1,200. How would I journalize this?
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On July 23rd a used truck was sold for $3,500. The truck had an original cost of $2,200 and accumulated depreciation on the date of sale $1,200. How would I journalize this?
Debit Cash 3,500
Debit Accumulated depreciation 1,200
Credit Vehicles 2,200
Credit Gain on disposal of vehicles 2,500
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