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Required information [The following information applies to the questions displayed below.] Faucet...

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Accounting

Required information
[The following information applies to the questions displayed below.]
Faucet Landscaping purchased a tractor at a cost of $33,000 and sold it three years later for $16,500. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account.
2. Assume the tractor was sold for $10,300 instead of $16,500. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
\table[[No,Transaction,General Journal,Debit,Credit],[1,1,Cash,,],[,,Accumulated Depreciation,,],[,,Loss,,],[,,Equipment,33,000,]]
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