Logan Airways purchased a baggage-handling truck for $58,000. Suppose Logan Airways sold the truck on...
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Accounting
Logan Airways purchased a baggage-handling truck for $58,000. Suppose Logan Airways sold the truck on December 31, 2018, for $42,000 cash, after using the truck for three full years and accumulating depreciation of $32,000. Make the journal entry to record Logan Airways' sale of the truck. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Dec 31, 2018 Cash 42000 Accumulated depreciation, truck 32000 Gain on sale of truck Truck 58000
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