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Author Question: Assume that a general capital asset was sold for 2,500 . The asset was originally purchased for ... (Read 80 times)

lbcchick

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on: Jul 5, 2018
Assume that a general capital asset was sold for 2,500 . The asset was originally purchased for 10,000 and has been in use for 3 years. It has an estimated life of 5 years.
 
  What entry would be made in the General Fund to reflect this sale?
 
   Debit Credit
  A. Cash
   General Capital Assets 2,500
  2,500
  B. Cash
  Accumulated Depreciation
  Loss on Sale of Capital Assets
   General Capital Assets 2,500
  6,000
  1,500
 
  10,000
  C. Cash
   Other Financing Sources 2,500
  2,500
  D. Cash
  Loss on Sale of Capital Assets
   General Capital Assets, net 2,500
  1,500
 
  4,000

Question 2

Whichofthefollowingisabusinesstransaction? e. purchaseinventoryon account f. planadvertisingforu pcomingsale g. giveemployeesaraise beginningnextmonth h. submitestimateforco nstructionproject


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Liamb2179

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

a


lbcchick

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

triiciiaa

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Reply 3 on: Yesterday
Excellent

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