Concept explainers
Complete the problem below using these accounts as needed:
Cash |
|
Party Bus |
Loss on Sale of Party Bus | Depreciation Expense |
Gain on Sale of Party Bus |
PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no account name or DR/CR is needed, please use "None" and if no dollar amount is needed, please use "$0" - no quotation marks for either. You are to refer to the examples in the text for the proper order of the accounts.
Party Hearty Co. owns a party bus that, all tricked out, costs $247,500, with accumulated depreciation of $123,450. Party Hearty Co. sells the party bus for cash. Record the
- Sold party bus for $118,635 cash:
-
DR DR / CR? DR / CR? CR - Sold party bus for $124,050 cash:
-
DR DR / CR? CR DR / CR? - Sold party bus for $137,950 cash:
-
DR DR / CR? CR DR / CR?
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