What is the journal entry for this problem
company A sold used equipment with a cost of 35000 , carying value 26000 , fair value 40000 for a note with present value of 40000 and maturity value of 46000

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Originally Posted by ice age

What is the journal entry for this problem
company A sold used equipment with a cost of 35000 , carying value 26000 , fair value 40000 for a note with present value of 40000 and maturity value of 46000

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It is AMHD policy not to do homework - please post your answer and someone will come along to review it.

Actully it is not homework.. anyway.. what Idid debit note recivable 40000 , accumlated dep 9000 , credit equipment 35000 , gain 5000 and discount on note 9000

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Originally Posted by ice age

Actully it is not homework..anyway..what Idid debit note recivable 40000 , accumlated dep 9000 , credit equipment 35000 , gain 5000 and discount on note 9000

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Listing it as a "problem" led me to believe it was a homework question.

What type of equipment?

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Originally Posted by JudyKayTee

Listing it as a "problem" led me to believe it was a homework question.

What type of equipment?

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I don't know.. the point is that it seems that my mind was not working properly I think it should be 14000 gain on disposal with no discound on note..

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Originally Posted by ice age

I dont't know..the point is that it seems that my mind was not working properly I think it should be 14000 gain on disposal with no discound on note..

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It's an actual question concerning your employment or a company (company "A") that you own and you don't know what type of equipment is involved?

The point is that AMHD does not do homework.

I find it really offensive when someone thinks I'm stupid - trust me, I'm not. You, on the other hand, are very transparent.