Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $8,800 instead of $13,40O. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $8,800 instead of $13,40O. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Practice Pack
![Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded
depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in
the Equipment account.
2. Assume the tractor was sold for $8,800 instead of $13,400. 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
General Journal
Debit
Credit
1
Cash
Accumulated Depreciation
Loss
Equipment](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d13ac93-8f46-47aa-b678-1a6ea4b98503%2F4746d422-6396-481b-805f-8672e55cb713%2Ft9gs3yk_processed.png&w=3840&q=75)
Transcribed Image Text:Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded
depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in
the Equipment account.
2. Assume the tractor was sold for $8,800 instead of $13,400. 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
General Journal
Debit
Credit
1
Cash
Accumulated Depreciation
Loss
Equipment
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Includes step-by-step video
Trending now
This is a popular solution!
Learn your way
Includes step-by-step video
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education