A county government sold two of its emergency vehicles for a total of $35,000 . The vehicles had a collective net book value of $46,000 (total original cost = $150,000; accumulated depreciation = $104,000)
The entry that would be made in the General Fund at the time of the transaction would be
dr cr
a. Cash $ 35,000 Capital Contribution $ 35,000
b. Cash $ 35,000 Other Financing Sources – Sale of Capital Assets $ 35,000
c. Cash $ 35,000 Accumulated Depreciation 104,000 Loss on Sale of Capital Assets 11,000 Capital Assets – Vehicles $150,000
d. Cash $ 35,000
Loss on Sale of Capital Assets 11,000
Other Financing Sources – Sale of
Capital Assets $ 46,000
e. An entry is not necessary in the General Fund as this transaction only affects the General Capital Assets accounts.
B
You might also like to view...
As compared to observer-ratings surveys, self-reporting surveys are a better predictor of success on the job
Indicate whether the statement is true or false
Which of the following is true for the communication process?
A) The decoding process takes place within the channel. B) Noise cannot affect the encoding of the message. C) Encoding takes place before the message reaches the medium. D) The sender decodes the message and then transmits it.