Quiz Ch 07 – Journal Entry for Junked Equipment with No Cash Proceeds

Financial Accounting

Thomas, Tietz, and Harrison

12th Edition

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What is the appropriate journal entry when equipment with a historical cost of $70,000 and accumulated depreciation of $15,000 is junked and no cash is received upon disposal?

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  • Search Terms: $, $, b) $, c) $, d) $,, - a accumulated and cash cost credit debit depreciation disposal disposal. entry equipment for gain historical is journal junked. loss necessary? a) no of on received upon which with
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