How do I Journalize the following for accounting "The original refrigerator the business used was...
70.2K
Verified Solution
Link Copied!
Question
Accounting
How do I Journalize the following for accounting
"The original refrigerator the business used was purchased for $2000 cash on 1/1/2013. By July 1. Antonio sold it for 13000 cash. the fridge had a book value of $1500."
So far I have a debit to Equipment for 2000 and a credit to cash for 2000. But I don't know how to record the depreciation expense/accrued and accounting for the sale.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
