ECON 101-record the journal entry for a company
Question # 00440799
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Updated on: 12/10/2016 10:46 PM Due on: 12/11/2016
record the journal entry for a company that disposed of a plant asset.
On june 1 of the current year, a company disposed of a truck that cost 20,000. the truck had a salvage value of 1,000 and a useful life of 5 years. the accounting records showed accumulated depreciation for this truck of 8,000 as of june 1, of the current year. the asset was discarded after an accident , and 10,000 cash was received from an insurance claim. prepare the journal entry to record the disposal of the truck, including the cash received and gain or loss. use the date of june 1. you must show your work for credit.
date account name debit credit
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Solution: ECON 101-record the journal entry for a company