Carla Vista Ltd. retires equipment that cost $42,040. No proceeds were received.
ID: 2398931 • Letter: C
Question
Carla Vista Ltd. retires equipment that cost $42,040. No proceeds were received.
Prepare the journal entry to record the transaction if accumulated depreciation is $42,040(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
prepare the journal entry to record the transaction if accumulated depreciation is $38,470. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Carla Vista Ltd. retires equipment that cost $42,040. No proceeds were received.
Explanation / Answer
1. When Accumulated depreciation is $42,040
2. When Accumulated Depreciation is $38,470
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Account Titles Debit Credit Accumulated Depreciation - Equipment $42,040 Equipment $42,040