Author Question: If a county receives 27,000, for the sale of a dump truck with a historical cost of 60,000, and ... (Read 77 times)

deesands · **on:** Jul 5, 2018

If a county receives 27,000, for the sale of a dump truck with a historical cost of 60,000, and accumulated depreciation of 25,000, the one-worksheet conversion adjustment would be
Debit Credit

A. Other Financing Source Sale of Vehicle
Accumulated Depreciation Vehicle
Loss on sale of vehicle
Vehicle 27,000
25,000
8,000

60,000
B. Other Financing Source Sale of Vehicle
Vehicle 27,000
27,000
C. Other Financing Source Sale of Vehicle
Accumulated Depreciation Vehicle
Vehicle 27,000
33,000

60,000
D. Other Financing Source Sale of Vehicle
Loss on sale of vehicle
Vehicle 27,000
33,000

60,000

Question 2

Unearned Fees appear on the
a. balance sheet in the current assets section
b. balance sheet as a current liability
c. balance sheet in the owner's equity section
d. income statement as revenue