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    lsu123's Avatar
    lsu123 Posts: 2, Reputation: 1
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    #1

    Sep 4, 2012, 04:19 PM
    How do I post this in a Journal?
    Sold store equipment for $7,200. The equipment originally cost $8,000 and had a book value of $4,800. (Given this information, you should be able to derive the accumulated depreciation on the equipment, and determine the gain or loss on the sale.)
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Sep 4, 2012, 04:23 PM
    The book value is the cost minus the accumulated depreciation

    credit asset
    debit accumulated depreciation
    debit asset sale
    credit profit on sale

    I 'll leave you to fill in the numbers
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