Question 1 Incomplete answer Marked out of 5.00 Flag question Sale of assets adjustments for...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Question 1 Incomplete answer Marked out of 5.00 Flag question Sale of assets adjustments for government-wide financial statements Simon County realized $2,500 in cash when it auctioned off three vehicles previously used by its inspectors. It deposited the proceeds in its General Fund. According to its capital asset records, Simon County had originally purchased these automobiles for $70,000. Accumulated depreciation on the automobiles as of the date of the auction was $66,000. Prepare the journal entry needed to adjust Simon's 2019 governmental fund financial statements so government-wide statements can be prepared. Description Accumulated depreciation - equipment 66,000 Other financing sources - sale of assets 66,000 Debit Credit 0 0 0 0 0 0 Capital assets - equipment Gain on sale of assets Loss on sale of assets bestion
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!
