Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 31 of 38 on july 1, 2020 a truck was sold for $10,

31 of 38 On July 1, 2020 a truck was sold for $10,000. The company...

70.2K

Verified Solution

Question

Accounting

image

31 of 38 On July 1, 2020 a truck was sold for $10,000. The company originally paid $28,000 on June 30, 2013 and has recorded accumulated depreciation of $15,000 up to July 1, 2020. The entry to record the sale would include a Select one: a credit to accumulated depreciation for $15,000. b. debit to trucks for $28,000 C. credit to gain on sale of truck for $3.000 d. debit to loss on sale of truck for $3,000 e credit to loss on sale of truck for $3,000. Unsure 205 38 of 38 The Capital Cost Allowance (CCA) Select one: a. Ignores residual value. b. has prescribed depreciation rates. O c. is very similar to accelerated depreciation rates. O d. all of the listed answers are correct

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!
Become a Member

Other questions asked by students