FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 7-17A Record the sale of equipment (LO7-6)
[The following information applies to the questions displayed below.]
Abbott Landscaping purchased a tractor at a cost of $41,000 and sold it three years later for $21,100. Abbott recorded
depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors are included in
the Equipment account.
Exercise 7-17A Part 1
Required:
1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account
field.)
View transaction list
Journal entry worksheet
<
1
Record the sale of equipment.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
>
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Transcribed Image Text:Required information Exercise 7-17A Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $41,000 and sold it three years later for $21,100. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the sale of equipment. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >
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